PropTrack report finds availability at its lowest in 17 years, with only 39% of properties affordable for median income households
For a household earning $49,000 a year, PropTrack Rental Affordability report found there were practically no affordable properties available to rent.For a household earning $49,000 a year, PropTrack Rental Affordability report found there were practically no affordable properties available to rent.The latest PropTrack Rental Affordability report found households on the median income of $110,000 per year could only afford 39% of available properties to rent.
The figures were based on a typical household that would spend one-quarter of their income on housing. PropTrack senior economist Angus Moore said the figures were driven by a 38% surge in rental prices since the pandemic. “The deterioration in affordability has been driven by the significant increase in rents that we’ve seen since the pandemic, which wages have not kept up with.”Those in Sydney have a median rent of $700 per week as of December 2023, at least $100 more expensive than the capital city median.