Latest NewsNsw Rent Hike Proof of Housing UndersupplySaturday, 29 April 2017

A surge in residential rents in NSW is an inevitable consequence of a massive housing undersupply, property development industry group the Urban Taskforce claims.

Rent figures released this week by the NSW Government reveal that rents for three bedroom Sydney homes jumped by 10 per cent in 2010 - $40 a week - more than double the 2009 increase.

The figures were set out in Housing NSW's Rent and Sales Report for the December quarter. The report tracks all new residential tenancy agreements.

The Urban Taskforce's chief executive, Aaron Gadiel, said, "There's a huge disconnect between where people want homes, and where the homes are available."

"The real tragedy is that developers are ready and willing to supply new homes where they're needed, but the planning system and high development levies are holding us back."

Gadiel said that average rents for three bedroom homes increased by $40 over 2010 to $440 a week - a 10 per cent increase.

"That's four times the rate of inflation," he said.

'It's also a much bigger increase than 2009's 3.9 per cent increase.

"There was also a big leap in average rents for two bedroom homes, increasing by $30 to $430 a week - a 7.5 per cent increase."

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