New Suburbtrends Rental Pain Index Exposes Deepening Rental Crisis in Australia
Date: 17th January 2024
For Immediate Release
The latest "Rental Pain Index" from Suburbtrends, as of January 2024, paints a dire picture of the Australian rental market. The updated report, continuing the company's detailed analysis of rental market conditions, indicates a deepening crisis, with a significant percentage of suburbs in extreme rental pain.
Kent Lardner, founder of Suburbtrends, highlights the alarming findings: "Our January report shows an unprecedented level of rental stress. In states like Queensland and South Australia, over 58% of suburb groups are experiencing extreme rental hardship. This situation is putting immense financial pressure on Australian renters."
The analysis reveals that in the top 25 worst-affected suburb groups, the Rental Pain Index reaches 100, signifying the highest level of rental distress. "Suburbs such as Durack in QLD and Christie Downs in SA are among the hardest hit, where average rental increases are combined with extremely low vacancy rates, exacerbating the situation," Lardner explains.
The report also notes that rental affordability across these suburb groups often exceeds 35% of income, far beyond the threshold typically associated with financial strain. "This is not an isolated issue; it's a nationwide problem that requires immediate and comprehensive policy action," Lardner stresses.
Lardner urges policymakers to respond: "As we begin 2024, the Rental Pain Index serves as a crucial indicator of the hardships faced by renters across Australia. The data calls for urgent, multifaceted policy solutions to address the soaring rental costs and limited housing availability. It's time to turn these insights into action."
The complete Rental Pain Index and dataset for January 2024, including an interactive map feature, are now available for download. For more detailed local reports and data interpretation, please contact Kent Lardner at 0458 936 912.
Contact:
Kent Lardner
Phone: 0458 936 912
Email: [email protected]
About Suburbtrends
As a frontrunner in property market analysis, Suburbtrends remains committed to providing in-depth insights into Australia's complex rental landscape. The Rental Pain Index is a critical tool in understanding and addressing the multifaceted challenges facing the Australian rental market.