This balcony with a bed is listed for rent at $244 per week; landlord calls it a 'sunny room'

Rents are soaring like anything. In February, the video of a house listed for rent showed a tiny apartment in New York City and sparked massive outrage online. Douglas Elliman agent Omer Labock took to Instagram and talked about the inside of the Manhattan listing.

"This has to be the tiniest apartment in Manhattan," Labock says as he guides the camera through the cramped space, which asks $1,200 per month.

In the three-second footage, Labock managed to capture the entire apartment spread across 115 square feet. The apartment lacked all essential amenities, notably a bathroom and kitchen. Not even a mini-fridge made the cut.

“No bathroom, no kitchen, all you have is this,"  Labock said," via NY Post.

This is crazy but it’s also the cheapest apartment. For $1,200 a month, you can live in what’s basically a bedroom, he added.

More recently, a Sydney landlord advertised an enclosed balcony for rent at $360 (244 USD) a week, as the dire state of Australia’s housing market is laid bare, via NewsAU.

The home that was listed on Facebook Marketplace describes the balcony in Haymarket in Sydney's inner suburbs as a “sunny room” that is fit to accommodate one person.

Glass sliding doors connecting the balcony to the house can be seen in the advert and the reflection in a full length mirror. The landlord said that the room is ready to move in and that the weekly charge includes all bills. The balcony is attached to a two-bedroom apartment, which is available for rent separately at $1300 (882 USD) a week, excluding bills.

The grim reality is that the rent has been rising while the carpet area has been decreasing. Since, 2019, the US rents have grown 30.4%, while wages have grown 20.2%. The rents have also outpaced wages in 44 of the 50 largest U.S metro areas.

According to Bureau of Labor Statistics, demand for rentals is only increasing. "Despite a strong job market in the city, and in some ways because of it, the gap between what a typical renter can afford and the price of rentals on the market is growing. New multifamily buildings coming online has eased competitive pressure in many markets, but in New York City, construction just simply can't keep up with demand," said StreetEasy Senior Economist Kenny Lee.

It's not only New York that has seen this surge. States like Miami where the wage growth is higher than the national average saw a 53% increase in rents, which is the most dramatic jump in the entire country. According to Zillow , the average cost is almost $10,500, with broker fees often being the largest expense. As per ZIllow, the typical renter nationally pays $60 in application fees across all the rentals they applied for. Other states were the rents have increased drastically includes, San Francisco, San Jose and Houston.