RENTS have climbed to a record national median of $675 a week, prompting renewed calls for governments to cap increases as renters struggle to absorb years of rising housing costs.
National housing campaign Everybody’s Home says the latest REA quarterly rental figures show why governments must act before another surge, warning that slower growth offers little comfort to households already stretched beyond their means.
The data shows national median rents rose 1.5 per cent over the quarter and 5.5 per cent over the year, while vacancy rates edged up from 1.3 to 1.5 per cent. Although vacancies are at their highest level since February 2022, availability remains tight and renters continue to face a competitive market.
Everybody’s Home spokesperson Maiy Azize said any easing in the pace of increases should not be mistaken for a recovery in affordability, with rents remaining at record highs after years of pressure on household budgets.
“Rents are at record highs, renters are struggling to keep a roof over their heads, and somehow we’re having a conversation about whether rents have finally stopped rising quite so quickly,” Ms Azize said.
“That tells you just how disconnected our housing debate has become from the reality facing renters.”
Ms Azize said the cumulative impact of rent increases was forcing people to cut spending on essentials, with households facing poverty and homelessness as housing consumed more of their incomes.
“Rents have risen relentlessly for years,” she said.
“People are spending more of their incomes on housing than ever, cutting back on essentials, and being pushed into poverty and homelessness.
“ Yet we’re supposed to take comfort from the possibility that rents might have stopped rising in some places for a few months.
“A few months of stable rents in some parts of the country doesn’t undo years of increases.”
