Inside Sydney's 'legitimate' $1000 a month bunk bed rental market

The Sydney property market is now so out of control that many can't even afford to rent their own room in the inner city, let alone their own apartment.

A 7 News investigation found those desperate for accommodation are now signing up to lease single bunks in overcrowded tiny bedrooms

For no less than $1000 per month, prospective renters can find themselves sharing a bunk bed with a random stranger.

The investigation found one room, that already had clothes and belongings sprawled out, going for $230 per week plus expenses.

A 7 News investigation found bedrooms in Ultimo charging $230 for a room with a bunk bed that you'd be expected to share with a complete stranger. Source: 7 News
For no less than $1000 per month, prospective renters can find themselves sharing bunk bed with a complete random. Source: 7 News

"Rents are continually climbing and have gone up five per cent on the last quarter,” Real estate agent Joson Legge told 7 News.

Despite the questionable real estate technique, the company that runs the flat has 70 others in Sydney and insists they’re business is legitimate and they’re doing nothing wrong.

"My feeling is if the market goes as it is - there will be even higher prices in one or two years,” Share My Room’s Daniel Blus said.

A Sydney family are charging Air BnB users $130 per week for this swag in their backyard. Source: 7 News

With a backyard swag pulling in a further $130 per week, rogue operators are now firmly under investigation.

“If you're a slumlord in New South Wales your days are numbered,” Finance, Service and Property Minister Victor Domminello told 7 News.