What does a rental boom really look like?

I've never experienced one and I'm curious to know more. I've seen house price booms but not rental.

I live in an area that has had one of the biggest rental increases in the city (80% in 10 years? I'm sure there have been bigger individual rises but I mean the average in my area) but I can't fathom what it would be like to see this type of increase in say half that time, or even less.

I assume every 6 months or whatever the legal period is, rents jumped up by breathtaking amounts? How did tenants react? I assume most stayed on because every other landlord was doing the same and they had little choice? Can someone paint the picture for me of what it was like? A lot of us around the 25-35 age range would have never been through this before as they are much rarer than regular CG booms.
 
I've never experienced one and I'm curious to know more. I've seen house price booms but not rental.

I live in an area that has had one of the biggest rental increases in the city (80% in 10 years? I'm sure there have been bigger individual rises but I mean the average in my area) but I can't fathom what it would be like to see this type of increase in say half that time, or even less.

I assume every 6 months or whatever the legal period is, rents jumped up by breathtaking amounts? How did tenants react? I assume most stayed on because every other landlord was doing the same and they had little choice? Can someone paint the picture for me of what it was like? A lot of us around the 25-35 age range would have never been through this before as they are much rarer than regular CG booms.
I think 80% in 10 years wins the contest.

I don't remember any time or place where rents have gone up that much (80% like in your area) in half that time or less.

Unless you count a number of the recent mining boom townships - which have since crashed.

Rents are closely tied to wages, but also affected by demand to a degree - but not that extreme.
 
I think 80% in 10 years wins the contest.

Unless you count a number of the recent mining boom townships - which have since crashed.

I don't remember any time or place where rents have gone up that much (80% like in your area) in half that time or less.

Rents are closely tied to wages, but also affected to a degree by demand - but not that extreme.

No I've heard of when NG was abolished that rents went crazy. Also isn't a 100% each decade quite normal in high demand areas? So if this is somewhat normal, I've always wondered what a real boom looks like.

I keep hearing about these rental booms. I've always been curious about the magnitude and how it played out. In CG booms, we've seen prices double or triple in just a few years so when I hear "boom" I use the same definition. Perhaps I'm wrong to do so? I'd still like to learn more about what happened after NG was abolished (let's not turn this into a NG debate) or any other time in history that we've seen similar booms.
 
I remember in 2009/10....Rockland .kograh..parmatta..at one open apartment had about 50+ applications and was dutch uction on rental price.


In my suburb ..rents are gone up from 320 to 600-700 in 10 years..that's 100%+ in some cases.
 
I remember in 2009/10....Rockland .kograh..parmatta..at one open apartment had about 50+ applications and was dutch uction on rental price.


In my suburb ..rents are gone up from 320 to 600-700 in 10 years..that's 100%+ in some cases.

Again to me that's a reasonable time frame. What was it like after NG was scrapped? I'm thinking at least 100% in less than 5 years?
 
No I've heard of when NG was abolished that rents went crazy.
Keep that one to yerself; Watego and HJ will have a heart attack. :D

Also isn't a 100% each decade quite normal in high demand areas? So if this is somewhat normal, I've always wondered what a real boom looks like.
It can only go up if the wages do, and/or there is unprecedented demand all of a sudden from those who can pay more.
 
Rents increased greatly and rentals were hard to come by around 2005-2008 in Sydney.
Hoards of renters would go through a dirty, noisy property all together, fill in their applications and secretly offer a higher rent.
Lots of homeless people. Lots of news articles about single mums and dads sleeping in cars with their kids or pets.
It's not really ideal.
 
Back
Top