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Suburbtrends Rental Pain Index April 2024: A Closer Look at Australia’s Rental Market Crisis

The latest Suburbtrends “Rental Pain Index” for April 2024 lays bare the tough conditions many Australians face in the rental market today. With rental prices climbing and homes hard to find, the report shines a light on the strain renters are under across the country.

Kent Lardner, the founder of Suburbtrends, points out the stark realities revealed by the data: “Our April 2024 findings show that rental stress isn’t just sticking around; it’s getting worse. Western Australia and Queensland are feeling the heat the most, with rental costs eating up a big chunk of many people’s incomes. We’re at a point where action is needed more than ever.”

The data presents a worrying picture:

– WA leads with a 15.66% jump in rent prices, pushing many households to spend over 30% of their income on rent. Queensland isn’t far behind, showing similar trends.

– In NSW, renters are also stretched thin, with a 10.38% increase in rents and over 30% of income going towards rent.

– Even places with smaller rent hikes, like the ACT and NT, still see renters spending a substantial portion of their income on housing.

“This isn’t just about numbers; it’s about people struggling to keep a roof over their heads,” says Kent. “Especially younger Australians are finding it tougher to find affordable homes, squeezed out by the tight market and high prices.”

Kent believes we need to think differently about housing solutions, like getting creative with incentives for homeowners to make better use of their space: “Imagine if we could encourage retirees to rent out their homes while they travel slowly through other countries. It could help them save money with a lower cost-of-living and instantly add more homes back into the rental market.”

He concludes, “We urgently need innovative solutions to alleviate the rental crisis in Australia. Mobile home villages and prefabricated small homes represent immediate and practical options to expand our housing supply as quickly as possible. By embracing these methods, we can avoid the dire scenario of Australians being forced into living in cars or tents. It’s crucial we act swiftly to ensure accessible and affordable housing for all.”