Tenants face a “diabolical situation”, one bank economist warns, made worse by the cost-of-living crisis. Is any relief in sight?
Renters are facing a “diabolical situation” as unit rents rise more than seven times as fast as wages, and experts warn there is little prospect of relief on the way.
Westpac senior economist Matthew Hassan said tenants faced a dire rental market caused by a shortage of housing. “Across the capital cities [the vacancy rate is] sub 1 per cent,” he said. “We’re at what I call frictional vacancy rates, which only captures the properties that are vacant when people are moving across properties.”The parallel cost of living crisis was exacerbating the issue, Hassan said, and the lower levels of building approvals and completions meant there was little hope of a supply side solution.
“Low vacancy rates mean landlords can charge more rent and there are little options for renters,” he said. “Housing is different to a lot of goods. You can’t opt out of the housing market. The potential for landlords to charge more for rents is greater than other services.”
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