Melbourne rents have rocketed to record highs, jumping as much as 20 per cent in a year and prompting fears of homelessness and housing stress for low-income households.
Melbourne’s median house and unit rents were $480 and $450 for the December quarter, respectively.Rent increases are associated with a rise in homelessness, economists warn.
The increase comes amid growth in demand as tenants make pandemic living habits permanent and eschew share houses for their own space, at the same time as international borders reopen.“For Melbourne, this is quite a milestone in rents,” she said. “Normally when you speak about rents there’s not a lot of change.
Melbourne renter Emily Shoobridge spent six months couch-surfing because she struggled to find a home in the competitive environment. “I obviously didn’t want to live in a studio,” Shoobridge said. “Once upon a time I lived in a studio, it was when I was 18 and in student housing.Joe ArmaoShoobridge had spent half a year sleeping on friends’ floors and futons, and decided she would be better off living on her own rather than joining another share house.“A lot of people have to settle for living situations they don’t necessarily want and that takes a toll.
He said housing stress was also associated with poor health outcomes and developmental issues with children. Centre for Independent Studies chief economist Dr Peter Tulip agreed rising rents would make homelessness worse.
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