Australia is in the middle of a rental crisis with many tenants priced out of the market and struggling to find a home, sparking acts of desperation. 7NEWS
found the rental market was toughest for people on JobSeeker, single parents and people who receive the disability support and age pensions.Inflation is increasing the price of just about everything and, with interest rates also now rising, so are rents.
During the past few years of the COVID pandemic, lockdowns and border closures meant there was an oversupply of rental properties, which caused a decrease in rent. “So these look like spectacular, huge increases. They’re kind of smaller when you compare them to two years previous, but ... rent is going to become an increasing slice of the wage consumption for a lot of people.”While there was an oversupply of rentals during the pandemic, the situation has now reversed following Australia’s border reopening.
“These homes are not necessarily vacant because nobody can afford to live in them - they represent the transient section of the market,” he said, referring to homes that are up for rent, have just been vacated or are due to have tenants moving in.
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