Sydney man’s rent jumps to $730 per week - and he doesn’t even live in an inner-city suburb

A Sydney man has taken to social media to express his disbelief when he was notified that his rent will jump to $730 per week, despite the fact he doesn’t even live in an inner-city suburb.

“What a start to my weekend,” tenant Daniel Olaniran said in a video on his TikTok channel @olantekkers.

“Sydney, what’s going on man, (because) I don’t even live in (the) inner city,” he said, showing a screenshot of an email notifying him of the bad news.

WATCH THE VIDEO ABOVE: Sydney man’s rent jumps to $730 per week.

The letter said the rent would be increased to $730 per week effective April 26, 2023.

“I live 20 minutes (from the city), I live in f****** Ryde, not even Bondi,” Olaniran said.

“These are Bondi prices ... these are Darlinghurst prices that I’m seeing now per week.

“I might have to just move (to) Perth or something ... this is a joke.”

Olaniran’s TikTok video received over 16,000 likes and almost 1000 comments, where many social media users expressed disbelief and concern over the matter.

“This is why I still live at home with my mummy,” a TikTok user joked.

“YOU SAID RYDE??????? $730 FOR RYDE????” another person exclaimed.

“$730 a week for Ryde?! Are you joking me,” someone commented.

Many suggested moving interstate for better rent prices, while others compared property values across all states.

“Bro in Perth you get a proper modern 1-bedroom apartment in (the) heart of the city for $350 a week. Perth is elite,” someone said.

“I pay $550 a week for a 6 bedroom 4 bathroom 2 storey house in Tasmania with a massive yard,” another commented.

“Melbourne is still (number one) you can buy a house with that brand new,” another person said.

Rental crisis continues

Olaniran’s dismal rent increase is just one of many steep rental hikes occurring across the country as the rental crisis continues to financially impact tenants.

A December 2022 Rental Report by Domain has found that the categories of house and unit rentals recorded their largest annual price increase. The largest median rent increases were experienced in Sydney and Melbourne.

Data shows that the average rent for houses in Sydney is at $650 and $575 for units as of December 2022, with Melbourne following at $480 for houses and $450 for rental units.

“It has been a record-breaking year,” the report read.

“Asking rents are at historic highs across the combined capitals and all cities (apart from Darwin and units in Perth).

“Rents are rising at the fastest annual pace ever seen across the combined capitals and the number of vacant rental properties at an all-time low .... fuelling a landlords’ market and presenting an ongoing rental crisis in many parts of the country.

“This unprecedented growth is driven by low supply and high demand, creating a highly competitive environment for tenants.”