Property‑tech firm RentBetter said its latest data show roughly a third of the nation’s rental stock is now leased directly between landlords and tenants, a share it claims has risen sharply as the market tightens following the recent federal budget.
The platform announced a $5 million investment from venture capital firm EVP, which it will use to expand its online tools that let owners find tenants, collect rent, manage expenses and organise repairs without paying the 5 %‑9 % of rent typically charged by agents, according to industry site LocalAgentFinder.
Chief executive Jeremy Goldschmidt, who founded RentBetter in 2018 after concluding that the cost of an agent managing his own investment property was not worth it, said landlords who cut out agents can save $2,400 to $5,000 per year per property and often develop stronger relationships with tenants.
Goldschmidt added that real‑estate agents rank among the least trusted professions in Australia, citing a 2023 Roy Morgan survey, and argued that owners have a direct incentive to look after their assets, whereas agents may view rentals primarily as a lead source for sales.
The shift comes as rental demand remains high. Domain’s June‑quarter report showed median house prices falling 5.3 % in Sydney since January and 5.1 % in Melbourne since November after the government altered negative‑gearing and capital‑gains‑tax rules, while rents in Sydney were up almost 8 % year‑on‑year in the three months to June 30.
Tim McKibbin, chief executive of the Real Estate Institute of NSW, warned that there is no evidence landlords are passing any cost savings on to tenants and stressed the role of agents in vetting suitable renters.
Leo Patterson Ross, chief executive of the Tenants’ Union of NSW, said some landlords might feel less pressure to raise rents without an agent’s encouragement, but added that rent levels are still driven largely by what tenants can afford, and any pass‑through of savings would have to be observed in practice.