Brisbane landlords urged to hike rent by more than 20%

Real estate agency advises landlords to increase rents amid housing crisis

Brisbane landlords urged to hike rent by more than 20%
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Brisbane landlords are being urged to raise rents by more than 20 per cent, according to a report in The Guardian.

An email sent by Ray White West End reportedly told landlords their properties were being “under-rented” and advised they increased rents by more than double the inflation rate.

“Our property managers have been reviewing all our lease renewals and on average recommending a 17% rent increase on the leases renewed in October and November this year,” the email said.

“As we are planning December lease renewals, the average lease renewal recommendation is above 20 per cent. This can be as much as $10,000 per year in additional rental income.”

The email goes on to advise landlords that tenants “are agreeable” to rent increases because when they “look at what is available in the market for rent, they understand” a price rise is “fair and reasonable”.

“If you are not achieving these rents (at a minimum), you should be asking why?” the email says.

The advice to landlords comes as the Queensland government prepares to hold a housing summit to discuss ways to relieve rental stress.

Tenants Queensland boss Penny Carr described the email as “opportunistic price-gouging” typical of what was occurring across the country.

“Rents are unaffordable for people at the moment and tenants are having to absorb increases because of fear of not finding another property or becoming homeless,” she said.

She said rent increases above CPI were only justifiable if major work had been done on a property.

But Ray White West End spokesman Luke O’Kelly said the rising cost of rentals was the inevitable result of a booming population in a state with a shortage of available properties.

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  • By Avi Yemini

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