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Expat tenants win out in Sydney as landlords slash rental charges
| Published: | 16 Apr at 6 PM |
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Expats renting property in Sydney are in for a pleasant surprise.
Sydney is a popular destination for expat professionals, but it’s known in the worldwide expat community as having sky-high rental charges. Whilst the coronavirus pandemic is worldwide bad news as regards the incredibly high number of infections and deaths, its economic effect on rental charges could well be good news for cash-strapped expatriates as landlords are rushing to cut their rates in order to retain their tenants.
The expat exodus from Australia is twofold, with those losing their jobs leaving either for the home country to stay with their parents or to other expat hubs less affected by the virus. It’s disastrous for landlords and has already resulted in a 300 per cent hike in vacant rental properties in the country’s capital city. Australians living and working in Sydney are equally affected, with large numbers leaving for their home towns and cities as they could no longer afford the rent.
It’s not just the capital which is losing tenants by the thousand, as Brisbane landlords are also desperately lowering rents in order to simply keep going until times change and the coronavirus pandemic is just an unpleasant memory. Some landlords are even offering rent-free periods to prospective tenants, although take-up numbers aren’t yet known. The general opinion is that it’s better to have a little coming in than nothing at all, with many desperate landlords taking offers rather than losing out to a more competitive rival. For incoming expats, now’s the time to bag a bargain rental on as long a lease as is possible.
Sydney is a popular destination for expat professionals, but it’s known in the worldwide expat community as having sky-high rental charges. Whilst the coronavirus pandemic is worldwide bad news as regards the incredibly high number of infections and deaths, its economic effect on rental charges could well be good news for cash-strapped expatriates as landlords are rushing to cut their rates in order to retain their tenants.
The expat exodus from Australia is twofold, with those losing their jobs leaving either for the home country to stay with their parents or to other expat hubs less affected by the virus. It’s disastrous for landlords and has already resulted in a 300 per cent hike in vacant rental properties in the country’s capital city. Australians living and working in Sydney are equally affected, with large numbers leaving for their home towns and cities as they could no longer afford the rent.
It’s not just the capital which is losing tenants by the thousand, as Brisbane landlords are also desperately lowering rents in order to simply keep going until times change and the coronavirus pandemic is just an unpleasant memory. Some landlords are even offering rent-free periods to prospective tenants, although take-up numbers aren’t yet known. The general opinion is that it’s better to have a little coming in than nothing at all, with many desperate landlords taking offers rather than losing out to a more competitive rival. For incoming expats, now’s the time to bag a bargain rental on as long a lease as is possible.
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