Skip to content
Property Real Estate

New Suburbtrends Rental Pain Index Exposes Deepening Rental Crisis in Australia

Suburbtrends 2 mins read
Robina QLD

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: kentlardner@suburbtrends.com.au

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.

NSW map : https://public.flourish.studio/visualisation/16463492/
VIC map : https://public.flourish.studio/visualisation/16463499/
QLD map: https://public.flourish.studio/visualisation/16463504/
SA map : https://public.flourish.studio/visualisation/16463512/
WA map : https://public.flourish.studio/visualisation/16463521/
TAS map : https://public.flourish.studio/visualisation/16463539/

Media

More from this category

  • Local Government, Property Real Estate
  • 04/03/2024
  • 12:40
Q Shelter

Local government role in housing supply critical to success

Ahead of the Lord Mayoral debate, the state’s leading housing and homelessness peak has revealed the proactive and preventive approaches that local governments can adopt to help remedy unmet housing need and homelessness. In letters addressed to mayoral and councillor candidates across all 77 of Queensland’s local government areas, Q Shelter outlined the key role local councils can play in solutions to homelessness, planning levers for strategic housing supply, and partnerships with community housing providers. Q Shelter’s Executive Director, Fiona Caniglia, says Queensland’s housing challenges are well-documented and each tier of government plays a vital and interconnected role in the…

  • Government NSW, Property Real Estate
  • 04/03/2024
  • 10:22
Homelessness NSW

***MEDIA ALERT*** Embargoed Homelessness NSW budget briefing

Media alert | Wednesday, 6 March 2024 Homelessness NSW will hold an embargoed online briefing at 11.15am on Wednesday, 6 March about its 2024-25 NSW government pre-budget submission. When: 11.15 - 11.45am Wednesday, 6 March 2024 Who: Homelessness NSW CEO Dom Rowe Link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_YWE4YThhMmYtYWY3MC00ZjY5LThjNTUtOGY3NjY4NjEzMmU1%40thread.v2/0?context=%7b%22Tid%22%3a%220cebf66c-2e77-47fa-9622-da0232527ae3%22%2c%22Oid%22%3a%2208abb07e-3207-4235-b4ef-7672533e9ce3%22%7d (Meeting ID: 450 558 472 288, passcode: b3dUxa) What: The briefing will take journalists through Homelessness NSW’s pre-budget submission and provide early access before the embargo lifts from 12.01am Thursday, 7 March. For more information, contact Georgie Moore georgie@hortonadvisory.com.au or Charlie Moore charlie@hortonadvisory.com.au.

  • Education Training, Property Real Estate
  • 01/03/2024
  • 16:46
NSW Fair Trading

New options to keep assistant agents in the property services industry

1 March 2024 The NSW Government has offered more than 14,000 assistant agents the chance to apply for an extension of their certificates of registration. These agents, in real estate, stock and station and strata management, will get another 12 months to complete their training and continue working while they finish their qualifications, ensuring residential tenants and landlords continue to receive vital property management services. In March 2020, substantial reforms were introduced to the Property and Stock Agents Act 2002, placing almost 22,500 assistant agents on a four-year certificate due to expire on 22 March 2024. They can now apply…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.