00:00International student Gabriel Batolazzi knows he could be riding to open homes across Canberra
00:07for months hunting for a rental. Every inspection you go you have 10, 20 people there is coming
00:13from Brazil where sometimes you have a vacant place for like months and people actually
00:18trying to find tenants. It feels quite absurd. In 2022 Canberra was the most expensive capital
00:24city for renters in the country with the median weekly rental costing $633. According to new
00:31data from Cotality that figure has now risen to $679 but other capital cities have seen bigger jumps.
00:39Sydney is now the most expensive at almost $800 with Canberra the fourth most expensive capital
00:45city for renters. It's still expensive I mean I don't think people are happier because it's the
00:51second most expensive because it's still expensive so it doesn't change anything to me. This latest
00:56data comes after years of significant jumps. The median price to rent a house in Canberra has
01:01increased 18 percent in five years. Units have jumped 20 percent. The changes are due to supply
01:07and demand. In the last three years over 75 percent of the dwellings that have been either
01:12in progress or was completed have been high density apartments and so we've had a lot of new apartments
01:18in the ACT. She says new laws have also helped lower rental prices in the capital. Owners are
01:23really only allowed to increase their rent by less than one percent for existing tenants in the ACT so
01:27that's been quite restrictive and difficult for a lot of landlords to absorb while since rents have been
01:32since all the costs have been going up. Gabriel Batalazi knows whatever the figures say.
01:37He's in for a long ordeal. You're not gonna get the first place you look I guess so you need to look for many.
01:42Riding off in search of a new home.
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