People Claim Rental Homes Are Being Taken Off the Market and Re-listed at Higher Prices

Introduction

People looking for rental homes in Australia have raised concerns about properties being taken off the market after they apply, only to be re-listed at higher prices. This practice has left many potential tenants frustrated and feeling like their time and effort have been wasted. The rental crisis in Australia has led to soaring rents in certain suburbs, making it even more challenging for individuals to find affordable housing.

Rental Homes Being Re-Listed at Higher Prices

Linda’s Experience in Yeronga

Linda, who preferred to remain anonymous, applied for a property in Yeronga, Queensland, for $530 a week. Despite a busy inspection, she submitted her application. However, three days later, she received an email from the agents stating that she had withdrawn her application, which was incorrect. To her dismay, she discovered that the rent price had been increased, and another inspection was being held. The property is now on the market for $560, $120 more per month than its initial advertised price. Linda expressed her disappointment, stating that she wouldn’t have bothered to view the property if she had known about the price change. She had to take leave from work to attend the inspection, making it a complete waste of her time and effort.

Increasing Rent Prices in an Out-of-Control Market

Leo Patterson Ross, the CEO of the Tenants’ Union of New South Wales, confirmed that they have been witnessing this trend of properties being re-listed at higher prices. In some cases, the increase is a result of higher offers from potential tenants, prompting the owners to update the price transparently. However, in other instances, it seems that the agents and owners realize they can raise the rent significantly if there is a high demand for the property. This practice is driven by the current out-of-control rental market, where owners and agents recognize the opportunity to rapidly increase rents.

Soaring Rents in Australia

According to Proptrack data, rents in Australia have experienced significant increases in certain suburbs over the past year. For instance, the median house rent in Rose Bay increased by $625, reaching $2,000 per week. Vaucluse saw a $500 increase, reaching $3,000 per week, while Clear Island Waters in Queensland experienced a $400 increase, reaching $1,400 per week. In terms of units, Haymarket in Sydney witnessed a $210 increase, reaching $900 per week, Main Beach in Queensland saw a $200 increase, reaching $750 per week, and Darling Point experienced a $200 increase, reaching $1,050 per week. Out of the top 20 increases in both houses and units, 13 were in Sydney, six were in Queensland, and one was in Melbourne.

Frustration Among Prospective Tenants

Monique’s Experience in Broadbeach

Another prospective tenant, Monique, encountered a similar situation in Broadbeach, Queensland. She viewed a property that was advertised for $420 per week, but during the inspection, she was informed that the price had been increased to $575. The agent claimed that the manager had made a mistake in pricing and needed to correct it. Monique expressed her shock and disappointment, as she had been in communication with the agent the day before and that morning, with no mention of the price change. The ad was updated to reflect the new price after Monique had left the inspection. The sudden increase in rent put the property out of her budget, leaving her feeling hurt by the situation.

Rental Bidding and Re-Listing at Higher Rates

Anthony Ziebell, an administrator of the Facebook group “Don’t Rent Me,” which assists tenants, highlighted that this issue frequently arises in their discussions. Tenants often express their frustrations about the practice of re-listing rentals at higher rates. While rental bidding is already considered illegal in some Australian states, some real estate agents use the tactic of re-listing at higher rates to bypass these regulations. Ziebell emphasized the need for policymakers to effectively address this issue to protect tenants from unscrupulous practices during the rental search process.

Conclusion

The increasing trend of rental homes being taken off the market and re-listed at higher prices has become a source of frustration for many prospective tenants in Australia. This practice takes advantage of the high demand for rental properties and the lack of affordable housing options. As rents continue to soar in certain suburbs, finding suitable and affordable accommodation becomes increasingly challenging. Policymakers need to address this issue promptly to protect tenants from these unfair practices and ensure a more transparent and equitable rental market.