Sydney rents are rising significantly faster than wages, new data released from Housing NSW reveals.
According to the Housing NSW Rent and Sales Report, the median rent for a two bedroom unit in Sydney increased by 12.5 per cent over a twelve month period – despite the national CPI index rising by only 3.9 per cent over the same period.
The median rent for a three bedroom house increased by 14.3 per cent.
In some suburbs such as Ashfield, Leichhardt, Randwick and Ku-ring-gai the median rent for a three bedroom home rose by 20 per cent or more.
Housing minister Matt Brown said the figures confirmed “the pressure many households are feeling in the private rental market.”