A new report has shown that Australia’s rental supply is at an all-time low and renters are bearing the brunt with soaring rents and serious competition.
According to data released by PropTrack on Monday, there has been a 5.7 per cent decline in rental listings year-on-year to September, with the fewest new September listings in more than a decade.
The total number of listing fell 7.1 per cent – a record low. Coupled with a rising population and a record low national vacancy rate, demand is skyrocketing and taking rent prices up with them.
PropTrack Director of Economic Research Cameron Kusher said the flow on effects only worsen the situation, with high cost of rent making saving for a deposit harder and putting more continuous pressure on the rental market.
“The rental market remains extremely challenged, with renters facing significant competition for the limited stock available for rent,” he said in the report.
“These conditions have pushed the cost of renting much higher over the past year. For first-home buyers, higher rents make it harder to save for a deposit, while borrowing capacities have reduced and prices continue to rise, making it difficult to enter into homeownership.”
Kusher said part of the solution would be assistance to first home buyers into homeownership. However, such a solution is easier said than done with housing advocates saying new housing simply isn’t being built fast enough.
They say that nationwide, a million new homes are needed by 2040.
Everybody’s Home spokesperson Maiy Azize said government intervention was now necessary, saying thousands of people were “in rental stress” with “but there is “virtually nowhere for renters to find a cheaper place to live”.
“Australia’s housing crisis just keeps getting worse. Rents are unsustainably high, pricing people out of their communities and pushing them to the brink,” she said.
“The private rental market simply isn’t delivering affordable homes. The government must boost social and affordable housing to help the growing number of renters who are deep in housing stress, and living on the edge or below the poverty line.”
For those of us dealing with soaring rents first-hand, perhaps it’s time to consider a move to the countryside, where rents are rising at about half the rate of the capital cities.
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