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Many more Orange properties for rent; prices hold steady
March 2, 2023
By Peter Holmes
On New Year's Eve 2021, the property site realestate.com.au had 55 properties available for rent in Orange (domain.com.au had 61 properties).
At the time social media was overflowing with tales of woe as desperate people wrote about how they couldn’t find a rental (with dozens attending open houses) or how their rent had been jacked up.
On February 28, 2023, the numbers had more than tripled - there were 178 properties in Orange for rent on realestate.com.au and 187 on domain.com.au.
“There is a lot more availability of rentals in the current market, and we’re not seeing landlords being as aggressive with rent increases,” Brad Randahl from Orange Real Estate told The Orange News Examiner.
“If they’ve got a good tenant they’re happy to sign a new lease instead of pushing [for a higher rent].”
He said there had been a “softening” in the rental market for newer four-bedroom, two-bathroom, double-garage homes. “Wages haven’t kept pace with the cost of living, and very few employers are subsiding those executive rentals.”
One Agency’s Ash Brown agreed, telling The Orange News Examiner: “It took a bit longer than the sales market to ease back, but it hasn’t eased back as much. We’re still getting the money - or close enough - to what we were getting a year ago. Maybe three-to-five-percent less.”
Brown said that “a third of Orange rents and always has” and that this has led to a resilient market for investors.
“It is a captive market and an active market of renters that will give them a return.
“One of the big things that Orange has that you don’t get in other centres is that there is a lot of employment with really lucrative wages, and those people can afford a bit more rent.”
We surveyed the rental market on the evening of December 31, 2021. Per capita, based on the domain.com.au figures, there was one rental in Orange available for every 704 people (all figures ballpark). In Sydney there was one rental for every 280 people.
In Orange there was one rental for $400 or less per week for every 8,400 people, while at the same time in Sydney there was one rental for $400 or less per week for every 980 people.
In Orange there was one rental for $300 or less per week for every 42,000 people. In Sydney there was one rental for $300 or less per week for every 3,400 people.
Fast forward to today.
Based on the domain.com.au figures, there is one available rental in Orange for roughly every 230 people, down from one for every 704 people a little over a year ago.
On February 28, 2023, domain.com.au had 8,346 properties for rent in Sydney, one for about every 600 people.
In Orange there are currently 41 rentals for $400 or less per week, or one for every 1,048 people in the city. A little over a year ago there were just five rentals in this price range.
And there are eight properties for $300 or less per week, up from just one on December 31, 2021.
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