Having trouble securing a rental property? Well, you're not the only one in Sydney, or should I say Australia, that’s experiencing a rental crisis. Life in the renting lane has become extremely difficult. I’ve been searching daily online, and every Saturday for the last couple of months, but still haven't been successful in landing a new pad. I showed up to an open for inspection last Saturday with 50 other people already in line to check out this particular property. How crazy!! So I decided to do a bit of investigation into the problems fueling the housing shortage and unfortunately it seems like things aren't going to change anytime soon.
"We have a supply and demand problem," explains Christine Castle, the president of the NSW Real Estate Institute. "There aren't enough investors. They’re an ageing group and are investing their money elsewhere like into superannuation." But what does this mean for us poor renters? Christine suggests, if you can, to stay out of the current market. And think about buying your own property. If you’ve got any stories like mine, let me know about them via the comments section.