Photo highlighting Sydney's rental crisis is "so depressing."

A picture of people swarming outside a Sydney apartment building for a rental inspection has surfaced online, underscoring the intense demand for the city's meager supply of rental homes. In the image posted on Reddit, at least 20 people can be seen swarming around an agent outside the World Tower's entrance.

One of Sydney's tallest residential structures is the Meriton Suites World Tower, a residential skyscraper located on Liverpool Street in the city's central business district. The two bedroom, two bathroom rental on the 35th floor is listed for $1180 a week, and the one bedroom with study on the 45th floor is listed for $720 a week. has contacted the agent for additional comment after learning that the inspection in the photograph was for the latter.

On the Reddit post, Australians expressed their sadness and frustration, with many mentioning how challenging it is right now to find an affordable home to rent in Sydney.

One commenter wrote, "There's a feeling that non-renters don't know that is so disheartening." It occurs when you approach an apartment or house in anticipation of moving in and discover a lengthy line of people wrapping around the block.

Another commenter said: "That's how it is in other Sydney suburbs as well. On a weekday, I attended an open house in Ashfield where about 20 couples had attended. Outside of Sydney, other people described similar events. One person remarked, "After a while, you started seeing the same people every Saturday and doing the awkward nod of haha, here we are again."

And when you don't see them, you hope they found a place and that this time it'll be your turn, another person continued. "We just experienced this. One Brisbane inspection was attended by 80 people, according to another writer.

The number of renters per property listed on had increased 28 percent year over year across capital cities, with Sydney and Melbourne experiencing the greatest increase, according to PropTrack's most recent rental report for the June quarter. In Sydney, there are now 21% fewer rental listings than there were one year ago. The two cities with the biggest drops in listings were Melbourne (-25.7%) and Brisbane (-24 per cent). Overall, there were 13.8% fewer new listings on the market in June than there had been over the previous ten years. According to the report, rent prices are rising significantly because there is a high demand for rentals and a small supply.

People won't be as likely to leave their rentals due to the difficulty in finding another one, which will probably result in rent prices rising even more, so rental pressures are predicted to persist. Cameron Kusher, director of economic research at PropTrack and author of the report, predicted that rising rents in major cities would last for a while, especially as more people started to visit these areas after the Covid settlement. With borders now open to immigration from abroad and within the country, it appears likely that rental conditions will tighten even more over the ensuing months, he said.

The cities where this is most likely to be seen are Sydney and Melbourne, where rental demand and prices declined during the pandemic but are now quickly recovering. The new fiscal year will result in higher land tax charges for investors and higher interest rates in many jurisdictions, according to the report.

Due to this, it is likely that many landlords will try to pass along these rising costs to tenants whenever possible, raising rents even further. In the year ending in June, rental prices grew by 7%, which was the fastest rate of growth in seven years. After declining during the early stages of the pandemic, rental prices in Sydney have increased by 6% over the past year.

In Sydney, a house rents for an average of $620 per week, while an apartment rents for $500. The average weekly rent for a house is $490, and for apartments it is $440. Additionally, data indicates that as living expenses rise, tenants are falling behind on their rent payments.

According to data from a tool used by property managers to sign documents, the number of rental arrears notices issued in NSW since January of this year has increased by 45%. According to a report from FLK IT OVER, the number of notices of rent increases issued over the previous six months had increased by 220 percent.

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