Yahoo Finance Rental crisis: 17 suburbs where it’s impossible to rent
Australia’s rental crisis is hitting new heights with individuals and families being pushed out of suburbs due to lack of availability and rising rents.
And the lack of supply is hitting Aussies of all backgrounds, with those in lower socio-economic areas finding it near impossible to secure a home.
Also read: 13 suburbs where you can buy a home from $260,000
Also read: $4m in just one year: Sydney’s craziest price-rise suburbs revealed
Also read: $332k vs $5.5 million: The cheapest and priciest suburbs revealed
New research commissioned by RentRabbit.com.au revealed the rental markets in Australia that were desperate for more stock.
All the suburbs identified:
Had incredibly low vacancy rates
Had low average weekly household incomes
Were below average in terms of socio-economic status
RentRabbit.com.au co-founder Ben Pretty said a lot of tenants were facing desperate conditions right now.
“Many Australians are being faced with a triple whammy: they live in socio-economically disadvantaged areas, they have low household incomes and it’s incredibly hard for them to find rental accommodation,” he said.
“Some of these renters are living in suburbs that have a vacancy rate of zero per cent, which means rental properties are being snapped up the moment they become vacant.
“Unsurprisingly, in the vast majority of these suburbs, rents have increased over the past year, often by double-digit percentages.”
Here are the suburbs where it is nearly impossible to rent.
1. Rocherlea (Launceston, Tasmania)
Median weekly rent March 2021 - $260
Median weekly rent March 2022 - $350
Median weekly rent change - up 34.6 per cent
Average weekly household income - $627
2. Venus Bay (Gippsland - South West, Victoria)
Median weekly rent March 2021 - $280
Median weekly rent March 2022 - $340
Median weekly rent change - up 21.4 per cent
Average weekly household income - $677
3. Golden Beach (Wellington, Victoria)
Median weekly rent March 2021 - $335
Median weekly rent March 2022 - $379
Median weekly rent change - up 13.1 per cent
Average weekly household income - $694
4. Elizabeth South (Playford, SA)
Median weekly rent March 2021 - $260
Median weekly rent March 2022 - $280
Median weekly rent change - up 7.7 per cent
Average weekly household income - $696
5. Elizabeth North (Playford, SA)
Median weekly rent March 2021 - $260
Median weekly rent March 2022 - $280
Median weekly rent change - up 7.7 per cent
Average weekly household income - $699
6. Batemans Bay (South Coast, NSW)
Median weekly rent March 2021 - $420
Median weekly rent March 2022 - $410
Median weekly rent change - down 2.4 per cent
Average weekly household income - $703
7. Port Pirie (West Mid North, SA)
Median weekly rent March 2021 - $175
Median weekly rent March 2022 - $165
Median weekly rent change - down 5.7 per cent
Average weekly household income - $712
8. Bundaberg Central (Bundaberg, Queensland)
Median weekly rent March 2021 - $300
Median weekly rent March 2022 - $320
Median weekly rent change - up 6.7 per cent
Average weekly household income - $714
9. Laurieton (Port Macquarie, NSW)
Median weekly rent March 2021 - $375
Median weekly rent March 2022 - $420
Median weekly rent change - up 12 per cent
Average weekly household income - $716
10. Shorewell Park (Burnie - Ulverstone, Tasmania)
Median weekly rent March 2021 - $265
Median weekly rent March 2022 - $320
Median weekly rent change - up 20.8 per cent
Average weekly household income - $721
`11. Elizabeth Vale (Playford, SA)
Median weekly rent March 2021 - $260
Median weekly rent March 2022 - $310
Median weekly rent change - up 19.2 per cent
Average weekly household income - $731
12. St Helens (North East, Tasmania)
Median weekly rent March 2021 - $280
Median weekly rent March 2022 - $350
Median weekly rent change - up 25 per cent
Average weekly household income - $732
13. Ravenswood (Launceston, Tasmania)
Median weekly rent March 2021 - $265
Median weekly rent March 2022 - $320
Median weekly rent change - up 20.8 per cent
Average weekly household income - $733
14. Goolwa (Fleurieu - Kangaroo Island, SA)
Median weekly rent March 2021 - $295
Median weekly rent March 2022 - $345
Median weekly rent change - up 16.9 per cent
Average weekly household income - $734
15. Nambucca Heads (Kempsey - Nambucca, NSW)
Median weekly rent March 2021 - $390
Median weekly rent March 2022 - $450
Median weekly rent change - up 15.4 per cent
Average weekly household income - $735
16. Tuncurry (Great Lakes, NSW)
Median weekly rent March 2021 - $460
Median weekly rent March 2022 - $480
Median weekly rent change - up 4.3 per cent
Average weekly household income - $750
17. Davoren Park (Playford, SA)
Median weekly rent March 2021 - $265
Median weekly rent March 2022 - $290
Median weekly rent change - up 9.4 per cent
Average weekly household income - $756
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
