{"id":25914,"date":"2020-06-24T12:44:13","date_gmt":"2020-06-24T00:44:13","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25914"},"modified":"2020-06-24T12:44:13","modified_gmt":"2020-06-24T00:44:13","slug":"sydney-and-melbourne-landlords-lose-60-million-a-month-due-to-international-student-drought","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/sydney-and-melbourne-landlords-lose-60-million-a-month-due-to-international-student-drought\/","title":{"rendered":"Sydney and Melbourne landlords lose $60 million a month due to international student drought"},"content":{"rendered":"

PHOTO: Apartments in Sydney and Melbourne are sitting empty due to far fewer international students.\u00a0Photo:\u00a0Peter Rae<\/span><\/strong><\/p>\n

Landlords in Sydney and Melbourne are counting the cost of\u00a0the international student exodus, losing an estimated $60 million in rental income each month.<\/p>\n

Chinese property portal Juwai estimates each city has shed just over $30 million worth of rent a month since thousands of international students rushed home during the onset of the coronavirus crisis.<\/p>\n

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Figures released last week by\u00a0Victoria University\u2019s Mitchell Institute<\/a>\u00a0revealed there were 30,291 fewer international students in Melbourne in 2020 compared to last year, and 29,815 fewer students in Sydney.<\/p>\n

Juwai executive chairman Georg Chmiel said the company\u2019s estimates showed that nationwide around $715 million of property-related income would be stripped from the Australian rental market in 2020 due to the absence of international tenants.<\/p>\n

\u201cThese are back-of-the-envelope calculations for the purposes of illustrating the challenges that landlords face in the short term,\u201d Mr Chmiel said.<\/p>\n

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