The rental crisis isn’t likely to be solved anytime soon, according to Finder.com.au.
Finder’s Rebecca Pike says an increase in rent prices is adding to the already high cost of living, with most tenants experiencing a rental increase in the past 12 months.
CoreLogic figures for April show median weekly rents throughout Australia are 9% higher than they were at the same time last year. Rents in Brisbane are up the highest with an 11% increase in the past 12 months for houses.
However, SQM Research figures show much higher rental increases, with three capital cities up 20% in the past year.
Domain’s Nicola Powell says rents are likely to rise sharply in the coming months as a result of further drops in vacancy rates.
“The current conditions bolster the likelihood of future rent increases and could see lower vacancy rates remain in the coming months,” Powell says.
Domain says there are only 19,715 vacancies across capital city markets at the moment.