Build more residential properties - Urban Taskforce
More residential properties are needed in Sydney to achieve lower rental prices, says the Urban Taskforce.
After an ANGLICARE study found that less than one per cent of available rental properties were affordable and appropriate for low income families, the Urban Taskforce has spoken up about the findings.
Chief executive officer of the taskforce, Chris Johnson, believes the answer is simply to build more properties.
"We are producing about half the numbers of houses and apartments that are needed and this means less options for rental housing and therefore higher prices," he said.
"In other states smaller apartments are allowed while Sydney councils often require larger minimum sizes for apartments. All this does is adds to the cost and therefore to the rent of apartments."
These statements came out as the Australian Bureau of Statistics announced that Sydney has the four most densely populated areas in the country already.
Locations with over 13,000 residents per square kilometre are Pyrmont, Potts Point, Darlinghurst and Surry Hills.
Rental property tenants are experiencing higher prices as demand is driven up by higher numbers of residents and fewer available properties, according to the taskforce.