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Western Australia (WA) now exhibits the highest levels of rental stress

Suburbtrends 2 mins read

Suburbtrends Rental Pain Index March 2024 Highlights Unprecedented Rental Stress Across the Nation

Date: 12th March 2024

For Immediate Release

Suburbtrends' latest release of the "Rental Pain Index" for March 2024 starkly reveals the escalating crisis within Australia's rental market. This updated analysis reaffirms Suburbtrends' dedication to uncovering the complexities of the rental landscape, highlighting a critical surge in rental distress across Australian suburbs.

Kent Lardner, founder of Suburbtrends, expresses deep concern over these developments: "The March 2024 report shows an alarming trend where rental stress not only persists but worsens. Western Australia and Queensland now lead the nation in rental hardship, with the majority of their suburbs facing unprecedented levels of stress. This is not just a market fluctuation; it's a clear signal of a deepening crisis that requires immediate attention."

The Rental Pain Index now identifies specific areas such as Hamilton Hill in WA and Emu Park in QLD as experiencing some of the severest strain, with RPI scores at the maximum limit of 100. "These communities are at the breaking point," Kent warns. "With rental affordability consuming upwards of 30% of household incomes and vacancy rates at critically low levels, the situation for many Australian renters is becoming untenable."

The report highlights a worrying trend: the affordability squeeze is triggering a domino effect, potentially rendering the most vulnerable households homeless at an unprecedented rate by year's end. "We're observing a distressing pattern that may lead to a significant increase in homelessness among the most vulnerable populations. The data demands not just our attention but immediate action to prevent a social disaster," Kent stresses.

Kent calls for urgent policy innovation in light of these findings: "The current data compels us to rethink our approach to housing. Considering the success of mobile home villages in providing affordable housing solutions internationally, it's crucial for Australia to explore similar alternatives. Prefabrication technology could be a game-changer, offering quicker, more affordable housing options to combat the rental crisis. Now, more than ever, innovative and bold policy solutions are needed to address this widespread rental stress."

Suburbtrends' complete March 2024 Rental Pain Index report, featuring detailed analyses and an interactive map(s), are available for download. For further insights or assistance in understanding the report's implications, please contact Kent Lardner.

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Data File (Excel)

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