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Wave of New Apartment Building in Sydney Means Relief for Renters
Sydney is quickly building apartments to rent. "The number of flats listed on real estate websites to rent has more than tripled in 15 postcodes, including around Gordon, Miranda, Botany, Sutherland and Homebush," Nigel Gladstone reports for the Sydney Morning Herald. That new supply has led to falling rents in many parts of the city, some areas have seen rent fall 100 dollars (Australian) every month.
After more than a decade of a rental market defined by tight supply, things are changing in the city. "Sydney is in the grip of an apartment building boom, with 30,880 multi-unit dwellings built last year, a record for any Australian city," Nigel reports. This unprecedented shift has given many renters power they didn’t previously enjoy. While some neighborhoods in the city have seen rents continue to rise, even in this climate, most neighborhoods saw at least modest decreases in rent. Vacancies and ads sales for apartment listings are up.