Renters around Australia are seeing fewer properties on the market each week and the lack of available properties has forced weekly payments to skyrocket.
The Reserve Bank of Australia’s decision to raise interest rates for the 10th consecutive month on Tuesday has led to landlords increasing their rents.
Australian renters are struggling to find homes to live in while prices rise. Picture: NCA NewsWire / Jeremy PiperMany renters are also being faced with increases in their weekly payments and Mr Ryan said the lack of available renting options were forcing prices up. “Those higher interest rates are the big effect, that’s the big uncertainty for 2023 is how much do those higher interest rates flow through into prices,” he said.
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