Rents Increasing At Fastest Rate In 14 Years

It’s not only homebuyers feeling the pocket pinch with rental rates surging by 3.2% nationally.

According to Corelogic’s Rental Review for the March 2021 quarter, the drivers of growth are diverse with the regions, Darwin and Perth collectively driving much of the increase.

Across combined regional markets, rents rose 4.1% in the first quarter of 2021 according to the report. Elsewhere rents in the combined capitals increased 2.9% by comparison.

Regional units recorded the highest quarterly rental growth of 4.8%, compared to the 2.0% rise in capital city units.

Further, capital city house rents were up 3.3% while regional houses rose by 4.0% during the period.

Darwin has shown the strongest growth in rental rates over the quarter, up 8.2% and 7.0% respectively.

Across the spectrum, Melbourne recorded the weakest growth in rents over the three months to March with house rents up 1.6%, while unit rents were unchanged over the quarter.

CoreLogic’s Research Director Tim Lawless, says “While housing rents are rising at the fastest pace since 2007, the headline reading hides the sheer diversity of rental conditions around the country. At one end of the spectrum we have Perth and Darwin where annual rental growth is well into double digits and accelerating. At the other end is Melbourne and Sydney where rents are down over the year.

“Although rents are generally rising, housing values have been rising at a faster rate which has seen rental yields compress across most of the capital cities. The exceptions are Perth and Darwin where rents have risen at a faster pace than housing values, driving a rise in yields. The opposite is true in Sydney and Melbourne where rental yields are plumbing new record lows,” added Mr Lawless.

A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.

Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.

The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.

Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.

The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.

Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.

In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.

As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.

Rents Increasing At Fastest Rate In 14 Years

With regional areas outpacing the capital cities.

Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market