In this live update from the Northern Beaches, Mark Novak and property manager Cleo discuss the current state of the rental market, highlighting that despite winter—typically a slower season—rents remain high and continue to increase. Cleo shares firsthand experience from re-letting properties, noting that while homes recently on the market are seeing modest rent increases, properties that haven’t turned over in years are seeing jumps as large as $150 per week. The average rent for a typical two-bedroom unit now sits between $800–$850, with older units around $780 and newer ones nearing $900. One-bedroom apartments are fetching $660–$760 depending on features. Increased rent returns are allowing some landlords to retain properties they were previously considering selling.

They also touch on the broader economic environment, noting more rental listings and slightly more flexibility for tenants. Cleo emphasizes that despite financial pressures—rising interest rates, cost of living, and more conservative spending—tenants and landlords are increasingly open to honest conversations about affordability. This climate is encouraging negotiated outcomes, such as tenants agreeing to higher rents to remain in place, and landlords choosing to hold onto investments with better returns. The message for landlords is clear: now is a great time for a “property health check” and open communication with your agent to maximize asset performance in a shifting market.