Will Australia’s Rent Crisis Get Worse Before It Gets Better?
Australia’s rent crisis is getting out of control with the percentage of vacant properties recorded at just 0.9% last September- the lowest since April 2006 when it was 0.8%.
Around 70% of renters are paying rent which is over a third of their household income.
Melbourne-based Briefing listener Bonnie and her partner were forced to move from her rental property when her real estate agency refused to repair a significant leak, she had noticed two days after moving in. In October, the leak got so bad it broke their window, forcing them to move into lounge room. The couple immediately started looking at new places.
“In a three week period we saw 75 properties. We were getting rejected for everything we applied for and we weren’t sure why because we’re a married couple with no kids and no pets. We both work full time, I also run a business.”
Bonnie, Briefing listener from Melbourne
We speak to Emma Greenhalgh, CEO of National Shelter who breaks down the factors that has led to a perfect storm in Australia’s rental market.