Data from Housing NSW’s Rental Bond Lodgements has revealed Bathurst is one of the most expensive cities in rural NSW to rent.
Regardless of the high cost, rental properties in Bathurst are in high demand just days before Charles Sturt University’s O-Week starts on February 19.
Compared with Albury, Dubbo, Orange, Tamworth and Wagga Wagga, Bathurst rental properties are the most expensive out of the six cities for two bedroom houses ($275) and four bedroom houses ($420).
In the 12 months to September 2017, the median rent for a two bedroom dwelling in Bathurst has increased by 5.8 per cent.
While returning university students is a contributing factor to the peak, a First National spokeswomen said there are many contributing factors to the demand.
“This time of year is always busy, with a high demand,” she said.
“Anywhere from November to February is peak time and it starts to die down towards the end of March.
“It’s an easier time to move, with holidays, warmer weather, change in jobs and uni students coming back in the new year.”
She said it would not be hard to find a rental place in Bathurst.
“People are always moving, which means places become vacant but when properties are available for lease, they tend to get snapped up quickly,” she said.
“The high demand at the moment is making for some good rental prices.”
Panorama Real Estate’s Peter Rogers said the past 18 months has seen a boom on rental properties hitting the market.
“There’s been plenty of investment properties built out at places like Ashworth Estate, Eglinton and Marsden, so there’s lots of options for rent,” he said.
“It’s helped relieved the [rental] pressure in town.
“Rent hasn’t dropped on good properties, so any properties that haven’t kept up are going to suffer.”
Mr Rogers does not believe returning university students is the reason for the demand of rental properties.
“I haven’t seen a rush in uni students. It’s been changing a lot over the years. I was in real estate nine years ago when there was more students looking for accommodation in town,” he said.
“Now they’ve built a lot on campus and there’s more private accommodation targeted at uni students.”
Bathurst Real Estate’s Ruth Fayle said there has been high activity in the city’s rental market.
“People are purchasing investing properties. There’s also plenty of people moving into rentals,” she said.
“There’s a lot of rental movement.
“It’s just that time of the year. We expect it to settle down by the time uni starts.”