Dubbo residential rental prices rise, demand outstrips supply

The data was pulled from rental bond lodgments and showed sharp increases in major inland regional centres, with Dubbo prices rising at a rate second only to Orange.

One-bedroom dwellings in Dubbo went up 15.46 per cent to an average of $280 during the September quarter, two-bedroom residences rose 6.19 per cent to $300, three-bedroom dwellings rose 8.57 per cent to $380 and the average four-bedroom rental rose 14.29 per cent to $480.

A total of 4520 bonds held at the end of September represented an increase of only 27 properties rented - two per week - compared with the June quarter, a figure that did not maintain pace with the number of new residents moving to Dubbo, Housing NSW said.

Real Estate Institute of NSW Orana Division spokesperson and property manager for SJ Shooter Real Estate Dubbo, Laura Shooter, said the undersupply of rental accommodation grew out of the COVID-19 pandemic in mid-2020.

She said the size of some rental increases posed questions for tenants as to how they would afford the increased rent.

"We've had a critical rental shortage throughout 2021 and that's likely to continue into 2022 because there's a lack of availability of land and supply chain issues with building new houses," Ms Shooter said.

"We've had in excess of 50 applications for some properties."

Ms Shooter's advice for tenants was to make it easy for agencies and landlords to see that "you are a good choice".

"Have all your documents together. If you've rented with an agency before, have your ledger direct from the agency to put with your application. Include as much supporting information as possible to make it easy for the leasing agent to say yes to you," she said.

Though some applicants offered higher rent in a bid to secure a property, this wasn't looked upon favourably.

"Owners are looking for proven rental history, a track record that they're going to be responsible, good tenants," Ms Shooter said.

Her advice for landlords was to set the rent at a fair price, in step with the market.

"It's a lot cheaper now for tenants to break their lease and you don't want to end up with a bunch of break leases and vacancies," she said.

On the flipside, prospective renters should "take heart" as broken leases could lead to unexpected properties coming on the market.

Rental prices for the quarter also rose in Bathurst, Tamworth, Wagga and Albury.