Thursday, July 11, 2024

Australia’s rental affordability crisis reaches record low

Australia’s rental affordability crisis reaches record low

Rental affordability has reached a record low across the country, with low-income earners the hardest hit when trying to find somewhere to live.

Australians are being hit with unsustainable rent increases, with every capital city nationwide experiencing a decline in rental affordability, according to new data insight.

The annual Rental Affordability Index* released this week revealed the low-income renters such as single parents, pensioners, and job seekers are most vulnerable and require more active and immediate support.

But it seems the rental crisis is impacting almost everyone applying for home.

* The annual rental affordability index (RAI) report is an easy to understand indicator of rental affordability relative to household incomes. It is a crucial tool for policy makers to track rental affordability trends and inform evidence-based policy responses — highlighting nuances between places and the experiences of disadvantaged households.

Download the latest report at the SGS Economics & Planning website: https://www.sgsep.com.au/projects/rental-affordability-index