APM’s December 2012 quarter report confirms Sydney is still the most expensive city to rent in and Perth is set to take the lead in 2013. Perth house rents rose by a 17.5% over 2012 with unit rents (also) increasing by 14.3%. Rental growth for houses in Sydney held in 2012 at $500 pw but units rose by 2.2% to $460 per week. Relief from rent rises for Sydney tenants reflects reduced demand for rental properties as a consequence of increased buyer activity – particularly from first home buyers. Underlying demand for rental properties in Sydney however remains strong reflecting a shortage of accommodation driven by a chronic shortfall of new supply.
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