A landlord’s rental increase notice has sparked debate online, after a Sydney tenant posted the note to the discussion forum Reddit.
A Sydney landlord is trying to pass their mortgage rate hike onto their tenants – with interest, it seems – after the tenant anonymously posted the alleged notice of rental increase on Reddit.
Taking to the r/Sydney forum, the Reddit user, u/trank90, who claim they live just north of Parramatta, asked the community if they thought the move was “inflation or greed.” The landlord, if the notice of rental increase is to be believed, wanted to raise the rent from $460 a week to $610.
The notice was served 60 days before the increased rent is payable, with the rent increase to start on the 16th of December, 2022.
Some Reddit users minced no words, saying it was undoubtedly avarice. “Just fucking greed,” user r/Bazilb7 wrote.
“Weekly rent is insane,” said Reddit user r/torrelott. Another Reddit user, r/Fun-Translator-5776, wrote: “That is greed. Surely tribunal won’t allow an increase of that nature?”
“Anticipation of inflation = fear” said another.
“What an absolute dick move from the owner.”
Reddit user r/Cranio Blast
A further take proffered was: “Pretty funny to see the ‘rent for life’ dickheads on this sub who were celebrating rate rises now getting the cost passed onto them and crying greed.”
“Don’t cheer for the demise of property owners then expect them to discount your rent.”
Reddit user r/IngramsCeiling
In amongst the cacophony of Reddit users calling the landlord a greedy scumbag, one came swinging in with a possible defence.
Reddit user r/ro-jo-ma wrote: “Whilst you might be able to find other properties renting out for less in the area, it’s not always that straightforward for the landlord. We rented our place out at market value and were losing $25k a year. The rent didn’t come close to covering the mortgage repayments, then there was agency fees, insurance, council rates, levies etc. on top. Nearly sent us broke, but the market was so flat that we couldn’t sell it.”
“It definitely sucks being given that notice, but perhaps the landlord is out of options? Investors who purchased in the area decades ago at lower prices with lower mortgages can offer more competitive rents and make much larger profits from your rent.”
“If you really want to gauge true value, look at purchase prices and see what the mortgage repayments would be on an 80% LVR I/O mortgage and that will give you an idea if you’re being ripped off.”
Reddit user r/ro-jo-ma
Food for thought. And whichever way you see it: it’s probably time to get saving…
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The post Inflation Or Greed? Sydney Landlord’s Rent Increase Sparks Debate appeared first on DMARGE.