Adelaide’s channel 7 news has tonight reported on a rental crisis only set to worsen in Adelaide. But this one effects landlords, giving tenants the upper hand.
Channel 7 reports landlords has been forced to slash rents as the availability of properties outstrip demand.
The rental vacancy rate has shot up from 1.41 percent in the March quarter to 3.15 percent in the June quarter, with the Northern Suburbs recording a 10 percent vacancy rate.
Jim Kouzaba says the market hasn’t been this bad in his twenty years as a landlord. His three bedroom house has been empty for 6 weeks now and often no one attends the opens. Over his 20 year history, none of his properties have taken any more than a fortnight to rent.
Landlords have been told they must charge realistic rents, otherwise their properties will remain vacant.