PHOTO: Bronte, one of Sydney’s most picturesque suburbs, could be about to become a lot cheaper to live. Photography, Getty Images)
- The number of new rentals coming onto the market has soared, with almost 20% more available nationally, according to Domain.
- The figures, supplied to Business Insider Australia, show a huge uptick in certain in-demand areas, such as Sydney’s eastern suburbs, and Melbourne’s south-east.
- As the coronavirus impacts the economy, Airbnbs flood the market with supply, and demand for rentals wane, renters could be in a great negotiating position, according to Domain economist Trent Wiltshire.
The coronavirus’ squeeze on short-term rentals, like Airbnbs, looks set to deliver tenants a major win.
The number of new listings has surged in recent weeks, according to Domain figures supplied to Business Insider Australia, as options for renters swell.
“Listings on the rental market jumped pretty much in all states and one of the reasons behind that we think is that Airbnb and other short-term listings are now coming back onto the long-term rental market,” Domain economist Trent Wiltshire told Business Insider Australia. “On top of that, we’re seeing people are also moving back home and share houses are breaking up because people are worried about their jobs or struggling to pay their rent.”
“People have also likely gone back home overseas as well is probably another factor. In combination, we’re certainly seeing more rentals hitting the market.”
READ MORE VIA BUSINESS INSIDER