New Suburbtrends Rental Pain Index Exposes Unprecedented Levels of Rental Stress Across Australia
Date: 9th February 2024
For Immediate Release
The latest iteration of the "Rental Pain Index" by Suburbtrends, as of February 2024, lays bare the exacerbating rental market crisis in Australia. The freshly updated report continues to deliver on Suburbtrends' commitment to unravelling the intricacies of rental market conditions, uncovering that an overwhelming majority of Australian suburbs are now grappling with severe rental distress.
Kent Lardner, the visionary behind Suburbtrends, underscores the gravity of these findings: "Our latest report unveils a scenario where the fabric of Australian rental living is under unprecedented stress. With states like Queensland and South Australia witnessing over 75% of their suburb groups mired in extreme rental hardship, the financial burden on Australian tenants has intensified like never before."
In light of the most recent data, the Rental Pain Index for the top echelons of affected suburb groups hits the ceiling at 100, denoting the pinnacle of rental despair. Lardner points out, "Communities including Durack in QLD and Christie Downs in SA find themselves at the epicentre of this crisis, where soaring rental hikes meet critically low vacancy rates, further aggravating the plight of renters."
The report further accentuates that in these severely impacted suburb groups, rental costs now consume more than 35% of household incomes, considerably surpassing the conventional markers of financial duress. "This crisis transcends local boundaries, emerging as a national emergency that demands swift and robust policy interventions," asserts Lardner.
Lardner urges policymakers to adopt innovative strategies in response to the Index's findings: "As we step into 2024, the Rental Pain Index not only highlights the severe challenges faced by renters across Australia but also serves as a call to action for out-of-the-box thinking from our policymakers. Observing that over 6% of Americans reside in mobile home villages compared to less than 1% of Australians living in caravan parks, it's time to broaden our perspective. In an era where premium quality prefabrication offers rapid, cost-effective housing solutions, our focus should shift towards exploring these faster and more economical alternatives to address the current housing crisis. Innovative policy solutions are crucial now more than ever to alleviate the dire rental stress evident across the nation."
The entire Rental Pain Index report for February 2024, is accessible for download. For in-depth local analyses and assistance in interpreting the data, reach out to Kent Lardner at 0458 936 912.
Phone: 0458 936 912