CoreLogic Reports Rising Rental Stress Among Households

A recent report reveals that even middle-income Australians are facing rental stress, spending 33% of their wages on housing. Although rental growth has slowed to 4.8% over the past year, rents have surged by 36.1% since the pandemic began, with median rents now averaging $580 per week. Housing advocates are calling for government intervention to cap rent increases, highlighting a crisis exacerbated by 10,000 new individuals seeking homelessness services monthly. CoreLogic data indicates that this is the highest percentage of income spent on rent since tracking began in 2006, leading to delays in renters moving out of family homes. Advocates argue that the private sector has failed to provide affordable housing, urging the government to increase social housing development. Australia remains one of the few developed nations without rent increase limitations, with only the Australian Capital Territory implementing effective caps.