As someone who experienced renting in the ‘00s and ‘10s, my first apartment was a 2br in inner Melbourne for $250/w. By the end of the 3rd year, our rent rose to $275/w.
Our next place a couple suburbs further out was $350/w, by the end of the 3rd year, our rent rose to $385/w.
The last place we rented (inner suburbia), we stayed for 10 years - the rent started at $350/w, and even after a decade didn’t touch $400/w.
I’ve never experienced a rent drop in that entire time; but have had multiple years without a rental increase - something that would be quite rare these days.
The answer to the question as to whether/when your individual rent will ever drop - the answer is probably never - unless you move.
HOWEVER, an increased supply of rental properties and disincentives from keeping residential properties vacant, would cause increased competition for tenants and could cause a supply-side price drop.
The Howard-era Negative Gearing and Capital Gains Tax changes heavily incentivised hoarding existing properties and disincentivised building up housing density in existing suburbs due to a fear of negatively impacting prices.
Coupled with a big push towards white collar work via university degrees, rather than blue collar trades - has left us as a nation scrambling to build up enough housing stock to satisfy the massive population increase we’ve experienced since 2000.
As someone who experienced renting in the ‘00s and ‘10s, my first apartment was a 2br in inner Melbourne for $250/w. By the end of the 3rd year, our rent rose to $275/w.
Our next place a couple suburbs further out was $350/w, by the end of the 3rd year, our rent rose to $385/w.
The last place we rented (inner suburbia), we stayed for 10 years - the rent started at $350/w, and even after a decade didn’t touch $400/w.
I’ve never experienced a rent drop in that entire time; but have had multiple years without a rental increase - something that would be quite rare these days.
The answer to the question as to whether/when your individual rent will ever drop - the answer is probably never - unless you move.
HOWEVER, an increased supply of rental properties and disincentives from keeping residential properties vacant, would cause increased competition for tenants and could cause a supply-side price drop.
The Howard-era Negative Gearing and Capital Gains Tax changes heavily incentivised hoarding existing properties and disincentivised building up housing density in existing suburbs due to a fear of negatively impacting prices.
Coupled with a big push towards white collar work via university degrees, rather than blue collar trades - has left us as a nation scrambling to build up enough housing stock to satisfy the massive population increase we’ve experienced since 2000.