Yahoo Finance Rent crisis hits breaking point: ‘No one feels safe’
If you haven’t had a rent increase yet, you’re one of the lucky ones.
Chantelle Schmidt has been sharing her struggle after her real estate threatened to hike her rent by $700 a fortnight back in February.
Since then, she submitted the case to the rental tribunal and has been sharing her journey on TikTok.
“I don't think that there is anyone at the moment that feels safe and secure in the place that they’re living,” she said in a TikTok.
“I think that even if you haven't received a rent increase yet, you're anxious that you will.”
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And Chantelle is not alone. The supply of new rentals across the country was incredibly tight in April, according to new data from PropTrack.
While rental listings typically decline in April compared to March, the 18.9 per cent month-on-month fall was the largest decline since 2017.
The report said that, for Aussies living in capital cities, conditions were “incredibly difficult”.
What’s the hardest city to find a rental?
New listings in Melbourne fell a shocking 17.9 per cent. This was followed by a 16.4 per cent drop in Perth, a 10 per cent drop in Darwin, a 5.1 per cent drop in Sydney and a 4.1 per cent fall in Western Australia.
“Without an imminent increase in supply, the stock of rental properties will remain low, exacerbating the competitive conditions renters currently face,” the report said.
Only hope for some may be moving
Not everyone is able to just pack up their life and move to a regional area, but for some it may be the only choice.
There was a growing divide in new rental supply between the large capital cities and regional areas, the report found.
Capital city new rental listings were 7.4 per cent lower, year-on-year, in April 2023, while in regional areas, they were 15.8 per cent higher.
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