Who else has had a significant increase in rent. While most people blame the landlords, it’s the real estates who are the drive behind it and suggest the amount the the landlords to increase it by. They send on the lease with it pre-filled for landlords to sign. No landlord is going to knock that back! The agents commission then goes up based on the weekly rental income.
I believe it should be capped. I was shocked today when my new lease came through with a $110 a week increase.
I sit here now re planning what to do. If I do not sign the new lease with the increase, my family will be homeless with in 14 days.
Wages haven’t increased but as we all know, food, bills, petrol have all increased. We are all in the same boat and it’s hard.
Here we all are trying to get back on our feet after the affects of covid in and out of work, lock downs and what ever else it’s thrown our way.
How is our government allowing such increases and the risks of homelessness. It’s absurd. We have no where to go. No bond, no money.
If there is a petition out there please drop the link below ⬇️
This needs to stop and no I don’t blame landlords, they have higher interest rates to deal with and have been hit hard also with the cost of living and everything else that girls with being a home owner. It’s hard for everyone but the agents need to be made to cap their obsurd increases, like they do in other countries.
10 Replies
Mine went up $60 a week in Brisbane and it was mould affected after the floods. I didn't stay.
You’ve mixed up absurd and obscene into one word. It is indeed both, I feel for you.
I did notice that after I posted it. New word 😂
Ours went up $70 a week in March to $550/w (Sunshine Coast). The property sold to new investors in July who have already notified us that it will be increasing by……….$150/w next March. Apparently the average rent at this end of the coast is now $700+. We are trying desperately to get enough together to buy but property has gone up here by 40% and rising interest rates means our borrowing limit has decreased significantly. It’s a joke.
Oh my how is this legally possible 😞 I understand increases need to happen but they are pushing people out of Homes. It needs to increase within reason and gradually. Does this mean in future, if people can’t afford the massive rents and have no choice, then homelessness will be even more out of control. It’s bad enough already for those on the streets 🥺 I can’t get my head around the fact that it isn’t regulated. Where do we go if we can’t pay. Where do our kids go to school. It not only affects our homes but schooling and everything else in our daily lives. I am glad that you do have prior warning. I hope you manage to find something. Even buying though is so hard right now with bids way over the listed price.
I totally agree. I just had to move rentals (the owner got divorced & moved into the last one) and we're now paying an extra $70 a week for a smaller unit with no security, 2 streets away......
The only way to get increases capped is through legislation, and that takes years.
One of my friends owns a rental, she's had a brilliant tenant for 6 years, and the lease is up - she got an email from the real estate agent suggesting that the rent should increase by $130pw in line with market. She refused & increased by $20pw, which was the actual amount of her increased expenses, in order to keep the same tenant.
It's totally ridiculous.
Terrible isn’t it. I own a rental property too and received the same email. My agent increased it by $80 and I thought it was too much, too soon. I reduced it to $40
If if wasn't for having to open an only fans out of desperation I wouldn't even be able to pay my rent anymore. Look what it's driven some of us to do.
I’m one of the very very lucky ones, my real estate has been advising my landlord for the last 9 years to increase my rent. And each time my landlord has said no. I don’t know my landlord but gosh I wish i could hug them. My renewal is in February so time will tell if I get an increase. However I have many friends affected by the rental increase so would sign a petition if one was available.
I'm a landlord, my investment property would have gone from from 3.74% to 7.75% but I fixed at 5.05% thank god. I was paying $1311.00 a month on my mortgage while getting $320 a week after fees from rental in come which covered my mortgage completely but the bank was charging me $934 a month in interest. Now my mortgage repayments are $1523 and I'm getting charged $1140.50 in interest a month so technically I went from decreasing my mortgage by $377 a month to decreasing it by $382 a month. I only raised my rent to $340 a week, I do have to top up my mortgage every month by $50 so it is paid and I still pay body Corporate fees as well as water usage and rates but I brake even at tax time so I don't really see the point in raising my rent anymore than I has to be during this time AND the agent I have managing the property hasn't told me go increase at all, she's actually really good not ever agent is out there for money. I would be pretty mad if the government capped the rental increase because it dosent give me the flexibility with my investment property and if the interest rate go up to 14% it will put me out of pocket alot more than $50 a week and I'd have no choice but to sell!!! I brought the property because I had the money at the time after a divorce and I wanted to leave something for my kids when I pass and so that I can use the equity to purchase a forever home when i decide where i want to be situated forever, which is why I don't care about braking even as long as my mortgage keep decreasing and gets paid off.. I get your mad about it and some landlords are out for money but you do get some like me who are reasonable.