There is no relief on the horizon for renters after national vacancy rates dropped to a record low of 1.1 per cent.
The limited supply of rentals is expected to continue driving rent increasesAustralians must brace for more housing anguish as the number of available rentals dwindle to all-time lows.
Across the country, the number of available rental properties halved since the beginning of the COVID-19 pandemic. During the pandemic, there were fewer people living in each dwelling and the average household size shrunk. This created demand for about 200,000 extra homes. Landlords are also increasingly taking their properties off the rental market because the costs associated with it have increased, and they are not always covered by steep rent hikes.While this is good news for those who want to buy homes, it decreases the rental stock."A third of Australians are renters and new Australians are more likely to be renters as well."
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