A real estate agency bragging about raising the price of rent has drawn the ire of desperate tenants caught up in the worsening rental crisis.
Caporn Young, based out of Perth, came under fire for openly boasting about pushing up the rent for one property by a staggering 25 per cent after more than 100 people applied for the house.
The agency sent out a newsletter to its readers which advertised the 158th issue of CY Magazine which it uses to advertise homes up for grabs.
In the letter one agent explains how a 0.71 per cent vacancy rate in some suburbs has allowed them to get higher prices from desperate renters.
Tenant’s advocate Jordan van den Berg blasted the agency on social media site X: ‘Anyone else sick of real estate agents celebrating the rental crisis?’
Caporn Young has come under fire for an audacious newsletter it posted bragging about driving up the price of rent in the suburbs of Perth
Tenant’s advocate Jordan van den Berg leaked the letter and blasted the agency on X: ‘Anyone else sick of real estate agents celebrating the rental crisis?’
Mr van der Berg criticised the triumphant tone of the letter and highlighted the agent’s smug attitude.
‘With a vacancy rate of just .71 per cent, competition for rentals in Perth is fierce,’ the letter begins.
‘Prospective tenants are arriving at home opens with their forms filled in and deposits at the ready, prepared to offer more than the advertised rent to get the keys to their dream property.
‘To illustrate this point, last week our property managers leased a two-bed, one-bath villa [in] Tuart Hill. The home was originally advertised at $480 per week, which was a 25 per cent increase on what the vacating tenant was paying.’
Tuart Hill is among the top 10 suburbs in the country when it comes to the number of enquiries per listing, according to data released by PropTrack.
CY claimed that it received in excess of 150 enquiries for any property listed in the suburb, as well as in Bentley and Lathlain, which also make the country-wide top 10.
The agency said that the Tuart Hill property was only on the market for one day before they settled on a ‘professional couple’ to move in.
‘The owner is delighted to have quality tenants moving into the villa and they are thrilled to be receiving $550 per week in rent, which is $100 more than the median rent for Tuart Hill,’ the letter proudly states.
This rental increase is what the agency calls the ‘CY difference’.
‘Soulless and truly sickening,’ one man wrote in response to Mr van der Berg’s post.
Others who replied shared the sentiment and vocalised their own discontent with the tone deaf newsletter.
The newsletter was poorly received by renters who were struggling to find a home amidst the current rental crisis, which CY seemed to be celebrating
The real estate agent specifically boasted about one Tuart Hill property that saw a 25 per cent rent increase between tenants (stock Tuart Hill property pictured)
‘This makes me sick. How is anyone, even working full time, supposed to secure a rental property when the RE just select people who can pay the most,’ a woman wrote.
‘Serious question, if there are any other psych academics in the house, would anyone like to study the immorality of real estate agents,’ another added.
contacted Caporn Young for comment.