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Artwork for Rental Affordability and Liveability across Sydney: A Look at the PRD Affordable & Liveable Rental Guide 2023

In the midst of the rental crisis in Sydney, six suburbs have emerged as the most “affordable” and “liveable” options for renters. Despite being known as the most expensive city to rent in, a recent report by PRD Real Estate has revealed that certain suburbs in Sydney are not only more affordable but also have a higher level of incoming rental stock. This is great news for potential renters who are struggling to find suitable and affordable housing options.

The PRD Affordable & Liveable Rental Guide 2023 examined around 500 suburbs located within a 20km radius of the city. The criteria for selection included rental prices lower than the median in Sydney, as well as a high level of rental stock coming into the suburb. This included residential projects that were under construction or set to begin soon. By analyzing these factors, PRD was able to identify the “key suburbs” with the most potential for renters.

The report not only considered affordability but also took into account the liveability of the suburbs. This included factors such as low crime and unemployment rates, as well as the availability of amenities within a 5km radius, such as shops and medical centers. Carlingford, Granville, and Wiley Park were identified as the best options for renting houses, while Crows Nest, Summer Hill, and Enfield were top choices for renting units.

One tool that can greatly assist renters in navigating the rental market is the AI legalese decoder. This innovative technology can help individuals understand and decipher complex legal jargon often found in rental agreements. By using advanced algorithms and natural language processing, the AI legalese decoder can simplify and clarify complicated terms and conditions, ensuring that renters are fully informed and aware of their rights and obligations.

Dr. Diaswati “Asti” Mardiasmo, PRD’s chief economist, emphasized the advantage of Sydney’s diverse rental options. With a variety of areas emerging as good choices for renters across the Inner West, Hills, and Western Sydney, there is less of a concentration of demand in a single area. This helps prevent a surge in prices and provides renters with more choices.

Dr. Mardiasmo also highlighted that Sydney has more incoming supply compared to other capital cities in Australia. This is positive news for the rental market, as more projects are planned and under construction in various parts of the city. This increased supply ensures that there are more options available for renters, promoting a healthier and more balanced rental market.

While affordability and incoming stock were the main factors considered in the report, PRD also took crime rates into account. Although some of the identified suburbs may not be considered the most beautiful or affluent areas, they were selected based on their safety and lower crime rates compared to the overall rate in Sydney. In a tight rental market, these suburbs are favorable choices for renters.

According to the report, the median rental prices for houses and units in Sydney saw a significant increase in the 12 months leading up to June 2023. House rental prices rose by 22.5% to reach $980 per week, while unit rental prices increased by 26.8% to $710 per week. Two-bedroom units experienced the highest annual rental growth, reaching $750 per week.

Sydney Metro recorded a low vacancy rate of 1.7% in June, surpassing those of Brisbane and Melbourne. Additionally, the report stated that the first half of 2023 will see a substantial number of residential developments in Sydney Metro, with plans for 2822 units/apartments, 149 townhouses, 315 dwellings, and 343 lots.

Despite the rental market challenges, Dr. Mardiasmo pointed out that Sydney’s rental market is still relatively better compared to global cities like New York, London, and Auckland in terms of rent-to-income figures. This provides some reassurance to Sydneysiders who may be concerned about the affordability of rental properties.

In summary, the PRD Affordable & Liveable Rental Guide 2023 has identified six suburbs in Sydney as the most affordable and liveable options for renters. Through careful analysis of rental prices, incoming stock, and liveability factors, PRD has provided valuable insights for those seeking suitable and affordable rental housing. In conjunction with helpful tools like the AI legalese decoder, renters can navigate the rental market more effectively, ensuring they make informed decisions and secure the best possible housing options.

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