Latest news with #rental
Daily Mail
a day ago
- Business
- Daily Mail
Eyewatering price demanded for this dilapidated rental property perfectly sums up the grim state of Australia's housing crisis: 'It's a disgrace!'
A dilapidated rental listing in Sydney 's inner west has sparked outrage, with critics calling it misleading and emblematic of Australia's worsening housing crisis. The two-bedroom apartment in Burwood, about 10km from Sydney's CBD, was listed at an eyewatering $550 per week, despite its rundown state. The property has just one bathroom, no parking, and according to photos previously published on a kitchen with exposed pipes, peeling walls and missing drawers. Although the listing has since been removed from that site, it remains live on Raine & Horne's website, where only an exterior shot of the home is shown. The listing previously claimed the property features a 'good condition kitchen & bathroom.' The misleading description has drawn criticism from renters and housing advocates amid the ongoing cost of living crisis. 'It's completely outrageous that young people are being forced to pay $550 a week for properties that are literally falling apart,' Angus Fisher, the President of the University of Sydney's Student Representative Council, told Daily Mail Australia. 'It's a disgrace! 'Students and young renters are being priced out, pushed into dangerous conditions, and treated like the leftovers in the rental market.' Mr Fisher added that renters deserve better than being offered substandard homes. 'We're seeing the consequences of a broken system where the profit making of real estate firms can occur without any human dignity,' he said. 'The government needs to step in with real rent controls, stronger tenancy protections, and a commitment to building safe affordable housing. Right now, renters are being served a derelict deal.' The rental was previous listed for $495 per week in 2024, rising by around 11 per cent in a single year. In 2020, laws were introduced in New South Wales to make it clear that rental properties had to meet specific minimum standards to be considered fit to live in. These included being structurally sound, having adequate lighting and ventilation, proper plumbing and drainage, and access to electricity or gas with a sufficient number of sockets. Properties were also required to have hot and cold running water and private bathroom facilities. Breaching these requirements could result in fines of up to $11,000 for individuals and $71,500 for agencies. Further reforms were rolled out from 31 October 2024 and 19 May 2025, including limiting rent increases to once per year across all leases, including those signed before the reforms. Tenants could no longer be charged for application costs such as background checks or lease preparation. Landlords were required to provide a valid reason to end a tenancy, even at the conclusion of a fixed term, and, in some cases, had to supply supporting documentation. New restrictions on re-letting and extended notice periods were introduced, giving tenants more time to secure alternative housing. Pet laws were also updated, landlords could only refuse a pet for limited reasons and were required to respond to pet requests within 21 days, or approval would be granted automatically.
Daily Mail
a day ago
- Business
- Daily Mail
Today Show slammed for out of touch advice to struggling Aussie renters
Karl Stefanovic and Today financial guru Joel Gibson have come under fire for their 'out of touch' and 'illegal' advice to Australians struggling to find a home to rent. During a segment on the rental shortage on Thursday morning, Gibson shared advice for renters who want to stand out from the hordes of other applicants at an inspection. 'It's important to treat this like a military operation, treat it like a job interview,' Gibson said. 'When you go into that first inspection, you need to make an impression on that agent. Bring a printed version of your application, dress like it's a job interview. 'You can still offer more rent or money upfront in most states at the moment. Rent bidding is becoming illegal in Victoria in November. It's illegal in Queensland.' Specifically, Gibson recommended offering to pay more than the quoted amount, or to offer two to three months of rent upfront in advance. In response to hearing the practice is illegal, or capped at a few weeks' worth of rent, Karl said, 'What about a little bit of a...' and made a 'backhander' motion to suggest making a covert payment. The segment drew widespread criticism at a time when many are struggling to find a rental, and even those who have are having difficulty paying very high rent prices. 'Two to three months up front? Sure, everyone has $5,000 they can just fire off,' one wrote. 'Treat it like a job interview? What is wrong with these people? Why not: "practice your lowest bow and curtsy",' another said. 'Who can afford three months of rent and bond in advance?' another wrote. 'Who needs a social life when you can pay to live in some random a***ole's fifth investment property?' another said. On top of Gibson's suggestion to treat rental inspections 'like a job interview', offer a higher rent or pay in advance, and pre-prepare an application - he called for prospective renters to call real estate agents within 24 hours to follow up their application and make a personal pitch. He also said hikes in average rental prices appear to be slowing this year, having reached a tipping point that made them unaffordable for many prospective tenants. 'Rents are up 43 per cent over five years, it's added $10,000 to the average rent in the last five years,' Gibson said, looking at the median price across five cities. 'But we have seen in the last quarter the lowest increase since 2020 so there maybe is a glimmer of hope that the trend is kind of coming back down. 'When you look at Sydney and Melbourne, they've actually gone up by only about 1.5 per cent in the past year, whereas other medium-sized capitals - Brisbane, Perth, Adelaide - they're the ones that are still rising quite fast at around five per cent. 'It looks like the really bad years of the last few years might be coming to an end for renters, so there is a bit of a glimmer of hope.'
ABC News
2 days ago
- Business
- ABC News
Rental price growth slows in Australian capital cities, Cotality data shows
There is new evidence that rental price growth is easing, potentially putting downward pressure on inflation and interest rates. The increase in national rental values over the three months to June was the slowest second-quarter increase since 2020, according to Cotality's latest Quarterly Rental Review. Its research also showed the annual change in Melbourne, Canberra and Sydney dwelling rents came in below their pre-COVID decade averages in June, at 1.2 per cent, 1.6 per cent and 1.9 per cent, respectively. Annual rental growth was higher in Perth, at 4.9 per cent, and Adelaide, at 4.7 per cent, but eased over the quarter. However, Brisbane's annual rental growth trend accelerated from 3.1 per cent in March to 3.8 per cent in June. Darwin recorded the strongest annual increase in dwelling rents, up 6.2 per cent, followed by Hobart, up 5.3 per cent, with both cities seeing a notable acceleration in rents compared to this time last year. The median rental price increase in Australia is now about $22 a week, or $1,134 a year, Cotality noted in its report. Hobart is Australia's most affordable city to rent. It is the only capital city with a rental value under $600, at $581 a week, although the typical income in Tasmania is also lower than across most of the mainland. The property research firm, formerly known as CoreLogic, said rental price growth was easing despite a chronic demand and supply imbalance, with rental supply remaining "exceptionally low". Cotality economist Kaytlin Ezzy said there were 100,000 rental listings nationally over the four weeks to June 29, which was about 23 per cent below the previous five-year average, or about 29,000 fewer listings than usual at this time of year. AMP deputy chief economist Diana Mousina said slower inflation and a reduction in interest rates were helping to ease rental price growth, which peaked in early 2024. She said some renters also appeared to have a little more power in their negotiations with landlords. "Recent government changes in states like New South Wales have strengthened tenancy law, which should be a positive for renters," she said. Ms Ezzy said lower rental price growth was also due to lower demand for rental accommodation, caused by the "normalisation of net overseas migration" and a "rise in average household size". Independent economist Saul Eslake said lower rental price growth could lead to a reduction in inflation, which would support the case for an August Reserve Bank interest rate cut. "Rents have been one of the most significant contributors to inflation, and in particular to services inflation, over the past five years," he said. "So, evidence that rent inflation is declining is much to be welcomed as pointing to improved prospects of inflation staying within the RBA's 2 to 3 per cent target band, and hence increasing the prospects of further reductions in interest rates." Independent economist Sherman Chan said rents made up 6.6 per cent of the CPI basket and had been one of the key contributors to the increase in housing costs in recent quarters. "A slowdown in rental increase would be welcome news not just for tenants, but also for market watchers hoping to see inflation stay within the RBA target band," she said. Oxford Economics Australia lead economist Maree Kilroy said the latest rental price data also offered a silver lining for home owners with loans. "Given the lags involved, softer growth is anticipated, which, alongside other CPI components, will temper inflation, and we forecast two further cash rate cuts before the end of the year," she said. The disproportionate increase in rents compared to wages has seen the portion of pre-tax income directed to rental payments rise from about 26 per cent in June 2020 to just under 33 per cent in December 2024, according to Cotality.
The Independent
3 days ago
- The Independent
Delicious, home-cooked meals can still be on the menu even in a wonky vacation rental
We are officially in the thick of summer. If we're lucky, we might get a break from the routine and head for the beach, the mountains or maybe discover a new city. For many, that means renting a vacation home — with an unfamiliar kitchen. At home, you probably have a variety of cooking utensils, a meaningful collection of herbs and spices, and the ability to select just the right pan for your dish. But as you step into your Airbnb or Vrbo, you're suddenly left wondering where to even put your groceries. There's a weird pleasure (at least for nerds like me) in pulling together a meal in a sparse, funky rental-house kitchen. It's like a reality cooking show challenge. Can you make an omelet in a saucepan? Perhaps you don't have fresh oregano … maybe those parsley stems will work? Can you stretch that small bottle of olive oil through the last two days of your trip? I'll call that conundrum, and I'll raise you a half a jar of gherkins. During rental home vacations, it's kind of fun to be untethered from the normal cooking routine. Believe you me, I'm racing out for fried clams at the local seafood joint as many nights as my budget and waistband allow. But for the meals I'm cooking, I'm relinquishing notions of perfection in favor of scrappiness. Picked up a whole lot of cherry tomatoes at a farmstand? You're making cherry tomato antipasti salad with some canned artichoke hearts, olives, onions and a quick vinaigrette. Maybe throw in some cubed provolone or diced salami. Peaches getting a bit too soft? Time for a smoothie. There's something liberating — and a little bit ridiculous — about cooking in a vacation rental kitchen. Bring some essentials of your own Before you go, consider packing a minimalist 'kitchen survival kit.' It doesn't have to be much: A sharp knife, a cutting board, salt and pepper, and whatever pantry staples you know you'll need to get started. For me, I might pack olive oil, vinegar, lemons, Dijon mustard and a couple of my favorite herbs and spices. I also always bring zipper-top bags and some small containers for leftovers or taking food on the go. Use the rental's features (and lack thereof) to your advantage Think about dishes that can stretch ingredients, and about welcome substitutions. A big grain salad — made with rice, quinoa or couscous — is endlessly customizable and can be served cold or at room temperature (think lakeside lunch or a backyard meal). I would also start with things that don't require an oven — you never know if it heats unevenly, or at all (it might be a glorified bread box). A stovetop pasta tossed with sauteed garlic and olive oil is always a win. Add red pepper flakes and grated Parmesan if you have it. Grills are often available and can be a vacation cook's best friend — as long as you've got an ample supply of the right fuel for it. Grill up simply seasoned chicken breasts or New York Strip steaks for dinner and very intentionally make extra — those leftovers will be perfect sliced and used for sandwiches, quesadillas, salads or wraps. Extra grilled corn might become a corn soup or chowder, a corn salad or something to add to a stir-fry. Think about brushing some slices of country bread with olive oil, sprinkling with flaky salt and toasting them lightly on the grill. Top with fresh sliced or chopped tomatoes with some basil, or turn them into whatever type of bruschetta you can whip up from your farmstand haul. Think caponata, sauteed chard or maybe a heap of sliced grilled peppers with some fresh goat cheese. Salads are always on the docket. Again, easy to improvise with farmers market ingredients. But this is your vacation, and you should feel free to play. Try a melon and cucumber salad with a bit of feta and a squeeze of lime juice, or a chopped vegetable salad bolstered with protein-packed chickpeas. Think creatively and accept imperfection As you come to the end of your trip and you need to use things up, get creative. That half jar of pickles will add a briny punch to a potato salad. That nub of leftover cheese and that last bunch of spinach will be great chopped up and added to scrambled eggs or a frittata. Cook what feels manageable, what makes use of local ingredients and what gives you more time outside with your people. Yes, you might be chopping vegetables with a serrated steak knife. Yes, there might be a little sand in the pasta salad as you serve it up on the beach. That's OK. Some of the best vacation meals come from embracing the fact that you're cooking without your usual tools and supplies. That's half the fun. I once made a great dinner from fresh scallops, a box of pasta, olive oil and a jug of margarita mix. That was 20 years ago, and we all still remember it. Peach and plum yogurt smoothie For their versatility and simplicity, smoothies can make for a vacation staple. This is your smoothie template. Swap around fruits, yogurt flavors, sweeteners and see if you can find a NutriBullet in the back of the cabinet. Also, if you plan ahead, you might freeze your fruit for a thicker smoothie, or just add some ice. If you've got some fresh mint, toss that in, too. Ingredients: 1 cup (8 ounces) vanilla Greek yogurt 1 cup (8 ounces) peach yogurt 1 tablespoon honey or agave, or to taste 2 cups cubed peeled peaches 2 cups cubed peeled plums Instructions: 1. Place the vanilla yogurt, peach yogurt, honey, peaches and plums in a blender. Blend well. 2. Pour into glasses and serve.
Associated Press
3 days ago
- Associated Press
Delicious, home-cooked meals can still be on the menu even in a wonky vacation rental
We are officially in the thick of summer. If we're lucky, we might get a break from the routine and head for the beach, the mountains or maybe discover a new city. For many, that means renting a vacation home — with an unfamiliar kitchen. At home, you probably have a variety of cooking utensils, a meaningful collection of herbs and spices, and the ability to select just the right pan for your dish. But as you step into your Airbnb or Vrbo, you're suddenly left wondering where to even put your groceries. There's a weird pleasure (at least for nerds like me) in pulling together a meal in a sparse, funky rental-house kitchen. It's like a reality cooking show challenge. Can you make an omelet in a saucepan? Perhaps you don't have fresh oregano … maybe those parsley stems will work? Can you stretch that small bottle of olive oil through the last two days of your trip? I'll call that conundrum, and I'll raise you a half a jar of gherkins. During rental home vacations, it's kind of fun to be untethered from the normal cooking routine. Believe you me, I'm racing out for fried clams at the local seafood joint as many nights as my budget and waistband allow. But for the meals I'm cooking, I'm relinquishing notions of perfection in favor of scrappiness. Picked up a whole lot of cherry tomatoes at a farmstand? You're making cherry tomato antipasti salad with some canned artichoke hearts, olives, onions and a quick vinaigrette. Maybe throw in some cubed provolone or diced salami. Peaches getting a bit too soft? Time for a smoothie. There's something liberating — and a little bit ridiculous — about cooking in a vacation rental kitchen. Bring some essentials of your ownBefore you go, consider packing a minimalist 'kitchen survival kit.' It doesn't have to be much: A sharp knife, a cutting board, salt and pepper, and whatever pantry staples you know you'll need to get started. For me, I might pack olive oil, vinegar, lemons, Dijon mustard and a couple of my favorite herbs and spices. I also always bring zipper-top bags and some small containers for leftovers or taking food on the go. Use the rental's features (and lack thereof) to your advantage Think about dishes that can stretch ingredients, and about welcome substitutions. A big grain salad — made with rice, quinoa or couscous — is endlessly customizable and can be served cold or at room temperature (think lakeside lunch or a backyard meal). I would also start with things that don't require an oven — you never know if it heats unevenly, or at all (it might be a glorified bread box). A stovetop pasta tossed with sauteed garlic and olive oil is always a win. Add red pepper flakes and grated Parmesan if you have it. Grills are often available and can be a vacation cook's best friend — as long as you've got an ample supply of the right fuel for it. Grill up simply seasoned chicken breasts or New York Strip steaks for dinner and very intentionally make extra — those leftovers will be perfect sliced and used for sandwiches, quesadillas, salads or wraps. Extra grilled corn might become a corn soup or chowder, a corn salad or something to add to a stir-fry. Think about brushing some slices of country bread with olive oil, sprinkling with flaky salt and toasting them lightly on the grill. Top with fresh sliced or chopped tomatoes with some basil, or turn them into whatever type of bruschetta you can whip up from your farmstand haul. Think caponata, sauteed chard or maybe a heap of sliced grilled peppers with some fresh goat cheese. Salads are always on the docket. Again, easy to improvise with farmers market ingredients. But this is your vacation, and you should feel free to play. Try a melon and cucumber salad with a bit of feta and a squeeze of lime juice, or a chopped vegetable salad bolstered with protein-packed chickpeas. Think creatively and accept imperfection As you come to the end of your trip and you need to use things up, get creative. That half jar of pickles will add a briny punch to a potato salad. That nub of leftover cheese and that last bunch of spinach will be great chopped up and added to scrambled eggs or a frittata. Cook what feels manageable, what makes use of local ingredients and what gives you more time outside with your people. Yes, you might be chopping vegetables with a serrated steak knife. Yes, there might be a little sand in the pasta salad as you serve it up on the beach. That's OK. Some of the best vacation meals come from embracing the fact that you're cooking without your usual tools and supplies. That's half the fun. I once made a great dinner from fresh scallops, a box of pasta, olive oil and a jug of margarita mix. That was 20 years ago, and we all still remember it. Peach and plum yogurt smoothie For their versatility and simplicity, smoothies can make for a vacation staple. This is your smoothie template. Swap around fruits, yogurt flavors, sweeteners and see if you can find a NutriBullet in the back of the cabinet. Also, if you plan ahead, you might freeze your fruit for a thicker smoothie, or just add some ice. If you've got some fresh mint, toss that in, too. Ingredients: 1 cup (8 ounces) vanilla Greek yogurt 1 cup (8 ounces) peach yogurt 1 tablespoon honey or agave, or to taste 2 cups cubed peeled peaches 2 cups cubed peeled plums Instructions: 1. Place the vanilla yogurt, peach yogurt, honey, peaches and plums in a blender. Blend well. 2. Pour into glasses and serve.
