Reports of Landlords raising rents by $300 a week

I find these people - unscrupulous landlords, disgusting.
There is no law limiting how much rent can be raised here in Australia.
The stipulation is - Market Forces will set the price.

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whowasthatmaskedman · 70-79, M

True... But.. A $300 rent rise doesnt apply to the kind of house or apartment that a working class family inhabits. Thats a high end property with people who can afford it...
AND.. With the investment property boom in Oz floating on the back of nagative gearing for finance in times of interest rate rises and falling values, if the owners dont put up rents to cover the loans they were stupid enough to enter into the bank in is going to foreclose on the loan inside a year anyway and the tenants will bo out on the street, looking for a place in a dwindling market at an even higher price.. The fact its not their fault doesnt put a roof over their head. Negative gearing has to go.. But when it does, there will be another shock in the rental market as a consequence..😷

Gusman · 61-69, M

@whowasthatmaskedman Many landlords are raising rents so high because they know the tenant can not afford it, forcing them out. So the rent can go even higher.
Many people are being evicted because they can not afford the increases.
Not every rental property has a mortgage attached.
I live in a block of 30 units built 50 years ago by the landlord.
He owns a total of 124 units, all built 50 years ago. He is raising the rent every 6 months.
He brings in $330,000 a year in rental payments just on the 30 units here.
Still, he raises the rent every 6 months.

whowasthatmaskedman · 70-79, M

@Gusman Yup Some landlords are @$$holes.. On the other hand, my son and his wife have several properties (none negatively geared) and are keeping rent rises less than CPI because they know the value of a good tenant..😷

DeWayfarer · 61-69, M

I wish it was that low here.

Gusman · 61-69, M

@DeWayfarer Not low. [i]Raising[/i] the rent by $300, the person in question paid $600 a week, raised to $900, he could not afford it and had to leave.

DeWayfarer · 61-69, M

@Gusman the rent here was $1,000 which was cheap. They raise it to 1,800 after I was evicted.

cherokeepatti · 61-69, F

they can only raise the rent a certain percentage every year here where I live. That is horrible to raise it by that much. Who can afford to live in places where they are doing that?

MartinTheFirst · 26-30, M

Letting a love for money grow larger than the love for people isn't good for anyone

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