Cowra has featured on a list of the top 20 locations across NSW where rents are likely to increase.
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According to the latest Hood Tenant Report, composed by property research consultancy Suburbtrends, Cowra comes in at number 18 on the list, with a median weekly rent of $320 for a house as of January 2022.
This is compared to 12 months ago, when the median was $260 per week in January 2021, an increase of 23.1 per cent.
Cowra joins a diverse list of locations across the state, including Elanora Heights (1) and Manly Vale (3) in northern Sydney, Sussex Inlet (2) and Shoalhaven Heads (5) on the south coast and Finley (19) in the Riverina.
Cowra's vacancy rate, which is measured by the amount of rental properties on the market for 21 days or more, has fallen from 1.3 per cent to 0.4 per cent between January 2021 and January 2022.
Hood founder and CEO, Tommy Fraser, said one big reason why rents are likely to increase in these 20 suburbs is because demand is so high.
"Ever since the pandemic started, people have taken a greater interest in where they live, both in terms of the location and the type of property. That's reflected in moving data," he said.
"The interesting thing about these 20 suburbs is their diversity. There are metro waterside suburbs like Cremorne, sea-change locations like Sawtell and tree-change locations like Cowra.
"If more tenants want to live in an area, that leads to increased demand for rental properties, which puts upward pressure on rental rates. That's why landlords are likely to increase rents in these 20 suburbs at the next rental review."
It follows the Domain December 2021 House Price Report which shows Cowra's median house price is also on the rise.
According to Domain, the median house price in December 2021 was $365,000.
Only 12 months prior, it was $282,500 - a 29.2 per cent increase year on year.
In December 2016, the median was lower still at $240,000.
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Kelsey Sutor
I've had a love of writing from a young age and, combined with my interest in current events, journalism seemed like a natural fit for me. I like to write a little bit about everything but my true passion lies in finding those untold stories from everyday people. Got an idea? Let me know - kelsey.sutor@austcommunitymedia.com.au
I've had a love of writing from a young age and, combined with my interest in current events, journalism seemed like a natural fit for me. I like to write a little bit about everything but my true passion lies in finding those untold stories from everyday people. Got an idea? Let me know - kelsey.sutor@austcommunitymedia.com.au
