Skip to content
Property Real Estate

Rental Pain Index May 2024

Suburbtrends 3 mins read
South Coogee NSW

Suburbtrends Rental Pain Index May 2024: Urgent Action Needed as Rental Crisis Deepens

Date: 6th May 2024

For Immediate Release

The latest Suburbtrends "Rental Pain Index" for May 2024 uncovers the escalating severity of the rental market crisis in Australia. As rental prices continue to climb and homes remain scarce, the report highlights the urgent need for comprehensive solutions to alleviate the stress on renters throughout the nation.

Kent Lardner, founder of Suburbtrends, delivers a critical analysis and a dire warning about the future implications of current policies: "This month's data signals a looming reckoning for the political class, who have long neglected the growing distress of the renter class. The barriers to homeownership are especially daunting for first-time buyers without familial financial support, leaving shared equity schemes in capital cities as one of the few remaining options—yet many will still find these schemes out of reach."

The data illustrates a disturbing trend:

  • In Western Australia (WA) and Queensland (QLD), rental pain indices have escalated to 85.71% and 81.39% respectively, underscoring the acute stress felt by renters.
  • South Australia (SA) and Victoria (VIC) are also experiencing significant increases in rental stress, with the index rising sharply, indicating that the crisis is widespread across major population centers.

Kent emphasises, "Our immediate focus must be on implementing emergency accommodations and creating incentives for homeowners to offer underutilised properties for rent. These measures are crucial stopgaps that can provide some relief in the short term."

He elaborates on strategic solutions: "To address the twin challenges of availability and suitability, we propose tax incentives or financial benefits for homeowners to bring under-occupied houses into the rental market. This approach not only maximises the use of existing housing stock but also alleviates some pressure from the rental market."

Kent concludes with a powerful call to action: "As the construction of new homes lags behind demand, exacerbated by stringent building codes that drive up prices, we find ourselves at a critical juncture. We must act decisively to deploy emergency shelters and rethink our housing policies to include more immediate, practical solutions such as mobile home villages and prefabricated homes. The time to act is now, to prevent a deeper crisis where more Australians face the grim reality of homelessness."

The complete May 2024 Rental Pain Index report, containing detailed analyses and data, is available by contacting us. For further insights or to understand the implications of these findings, please reach out to Kent Lardner.


Kent Lardner

Phone: 0458 936 912








NSW Map: 

VIC Map:

QLD Map:


SA Map:



Data download:













Key Facts:

Local heatmaps available upon request.


More from this category

  • Political, Property Real Estate
  • 23/05/2024
  • 06:15
Everybody's Home

People’s Commission into the Housing Crisis unveils human cost

As Australia’s first People’s Commission into the Housing Crisis gets underway today, submissions reveal the majority of respondents are in housing stress and forgoing the basics to cope. The People's Commission, convened by Everybody’s Home, received more than 1,500 survey submissions which show: Three in five (58%) respondents are in housing stress Three in four (76%) of those who rent are in housing stress The top ways respondents are coping with housing costs are by reducing energy use like heating or cooling their homes (52%), avoiding the doctor and essential appointments (45%), and reducing vehicle use (39%) One in three…

  • Political, Property Real Estate
  • 22/05/2024
  • 11:58
Everybody's Home

*** MEDIA ALERT *** People’s Commission into the Housing Crisis

***MEDIA ALERT*** A press conference will be held in Sydney on Thursday morning on the first day of hearings for Australia’s first People’s Commission into the Housing Crisis, convened by Everybody’s Home. WHO: Commissioner Doug Cameron (former Labor Senator for NSW) Commissioner Prof Nicole Gurran (University of Sydney housing expert) National spokesperson for Everybody’s Home Maiy Azize Housing and homelessness organisations + unions WHEN: Thursday 23 May at 11.30am sharp WHERE: Main building entrance of University of Sydney’s RD Watt Building on Science Road, Camperdown NSW 2050. Media are invited to attend and report on all sessions however only the…

  • Property Real Estate
  • 22/05/2024
  • 05:00
Coronation Property Group

Coronation Property starts construction on $2B Erskineville project delivering 1,300 Build-to-Rent homes

Leading Australian developer and builder, Coronation Property Group (‘Coronation’), has officially marked the start of construction with a ‘sod turn’ for the first approved stage comprising six terrace houses, as part of its $2 Billion Erskineville master-planned housing community– one of Australia’s biggest Build-to-Rent (BTR) projects. The former industrial site at 155 Mitchell Road will ultimately be transformed into a new lifestyle destination for the inner-city, featuring more than 1,300 BTR residences, of which 200 will be allocated to affordable housing for key workers including nurses, paramedics, teachers, and aged care workers. Coronation has partnered with Evolve Housing, one of…

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.