Griffith rents skyrocket to record high as housing crisis tightens grip on city

Data from SQM Research shows the average weekly rent for a house in Griffith was $421 at the end of July, while the average rent for a unit was $341.

The $421 average rent for a house is a record high in the city and an increase of $81 compared to the stat at the same time last year (19 per cent).

The cost to rent a unit has also risen $36 over the past 12 months (10 per cent).

Griffith Real Estate managing director Brian Bertolin said the high rents are a symptom of the housing crisis.

He said rental properties are currently being filled within 10 days of going on the market and Griffith Real Estate has had open homes for rentals with "40 to 60 people in attendence".

"The lack of stock in the housing market has pushed people into the rental market and inflated that area as well," Mr Bertolin said. "With the way the selling side of things is going, I can't see Griffith rents dropping any time soon."

Nathan Thomas from Soul Property Agents said the extremely high demand for rentals is causing people to compete and offer to pay more rent - in a bid to secure the property.

"With the under-supply of rental properties in Griffith and with all the competition, people are outbidding eachother to secure a property," Mr Thomas said.

He added that the economic growth in Griffith meant many people are currently moving to the region for work and are willing to pay higher than median rents because "they need the accommodation".

READ MORE

Mr Thomas and his partner Angelo Cirillo said some of the people securing rental properties had been searching for months and added they haven't ever seen the rental market this tight.

"It is very difficult because all the applicants have a genuine reason for needing accommodation," Mr Thomas said.

"Emotionally it is very stressful for us to navigate the leasing of properties, because we do want to do the best we can for people but ultimately only one family can get a property."

Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content: