A couple of Sydney landlords are slamming development and refusing to raise their tenants’ rents.
The state’s rental disaster is so dire that housing experts say official data shows no comparable shortage of available leases since the nineteen-thirties.
This is pushing rents up six times faster than wages, so it will be very difficult for working Australians to retain value.
But Pete and Alan, owners of Parramatta’s oldest restaurant Kouzina Greco, can’t afford to capitalize on Sydney’s housing shortage.
“We have an investment property that is being rented out and we haven’t been out of pocket other than council rates,” Alana said.
“But now we’re putting about $1,500 out of pocket every month. We don’t have a mortgage, but it’s almost a mortgage.
“I can’t raise the rates for our tenants, I can’t. I leave it as long as I can because it makes me sick to do this to them.
“I now have to raise the rent for each tenant by $20 or $30—okay, so I’m going to make $1,000 or more in profit every year, but you know what? I’d rather hold off than inconvenience these families.
Pete and Alan, landlords of Parramatta’s oldest restaurant Kouzina Greco, can’t afford to capitalize on the rental market like many different landlords.
Their feedback comes as rising home values leave a household of 4 with two full-time minimum wage workers and just $73 on the bill, while many struggle to cope with rising rents.
That’s the conclusion of a brand new value assessment from Anglicare Australia, which shows people on the lowest incomes are being left behind.
The report confirmed that a single full-time minimum wage worker is left with $57 left after essential weekly bills.
And a single mom or dad with one baby on minimum wage can’t afford the basics, and after rent, transportation, meals, tutoring and childcare, it costs $180.
Housing was the biggest living expense, with typical rents rising by more than 30 percent over the past three years.
“These figures confirm what Australians already know: the cost of living is rising rapidly,” said Cassie Chambers, Anglicare’s Australian government director.
“Essentials such as food and transport are soaring, and housing is more expensive than ever.”
Ms Chambers said many individuals took on extra jobs and turned to charities to help with food, rent and medication.
Struggling Australians want real movement and real governance. This means that the right to turn the minimum wage into a living wage, curbing unfair renting and investing in housing for the poor will increase.
The report is known for scrapping the deliberate income tax cut, tougher rental legal guidelines, additional social and affordable housing, emergency funds to cover utility bills and an urgent infusion of funds for emergency responders.
By the start of 2022, all of Anglicare Australia’s emergency services reported an increase in business demand, ranging from 10 per cent to 50 per cent compared to the start of the year.
Many reported seeing new clients who had by no means used their services, and the brand new clients usually came here from households with paid employment.
Anglicare contrasted information from the Australian Bureau of Statistics on family spending and the latest SQM Research salary report on the minimum wage, which could be $882.80 a week for a 38-hour week from July 1.
The weekly single family estimate of $57 was an improvement from last year’s figure of $29, but was still “unsafely low,” the report said.