PHOTO: Caporn Young. GOOGLE
Caporn Young, a real estate agency based in Perth, has come under severe criticism for openly boasting about a 25% increase in the rent of one of its properties, further exacerbating the rental crisis that has left desperate tenants struggling to find affordable housing.
Caporn Young has come under fire for an audacious newsletter it posted bragging about driving up the price of rent in the suburbs of Perth
The agency sent out a newsletter to its readers, promoting the 158th issue of CY Magazine, a publication used to showcase available properties. In the newsletter, one agent proudly explained how a mere 0.71% vacancy rate in certain suburbs enabled them to demand higher rents from desperate renters.
Tenant advocate Jordan van den Berg took to social media to express his dismay, stating, “Anyone else sick of real estate agents celebrating the rental crisis?” He criticized the letter’s triumphant tone and the agent’s apparent arrogance.
The letter began by highlighting the fierce competition for rentals in Perth due to the incredibly low vacancy rate, with prospective tenants arriving at property viewings fully prepared to offer rents exceeding the advertised prices to secure their dream homes. To illustrate this, the agency shared an example of leasing a two-bedroom, one-bathroom villa in Tuart Hill. The property was originally listed at $480 per week, a 25% increase over the previous tenant’s rent.
The newsletter was poorly received by renters who were struggling to find a home amidst the current rental crisis, which CY seemed to be celebrating
Tuart Hill was revealed as one of the top 10 suburbs in the country with the highest number of enquiries per listing, according to data from PropTrack. CY claimed to receive over 150 inquiries for properties in Tuart Hill, Bentley, and Lathlain, all of which made the national top 10 list.
The agency proudly announced that the Tuart Hill property was on the market for just one day before they found a “professional couple” to move in. The owner was said to be delighted, as they were now receiving $550 per week in rent, which was $100 more than the median rent for Tuart Hill. This rental increase was dubbed the “CY difference.”
The newsletter’s tone was met with widespread criticism from renters who were grappling with the challenges of finding housing during the ongoing rental crisis, and it appeared that CY was celebrating their predicament.
Commenters expressed their frustration and disappointment with the agency’s approach, with some questioning how working individuals could secure rental properties when real estate agents seemingly favored those who could pay the most. One person even suggested that the immorality of real estate agents should be studied.
SOURCE: THE DAILY MAIL