Yahoo Finance Top 10 least affordable rental suburbs revealed: ‘Situation is dire’
Aussies need to spend 70 per cent of their income to live in some suburbs, according to a new report.
Aussies are having to spend a staggering amount of their income on rent, according to a new report.
Suburbtrends’ Rental Crisis Report analysed average rents, household incomes and vacancy rates to find the least affordable rental suburbs across the country.
Topping the list was Main Beach in the Gold Coast, the report found, which had a median rent of $1,200 per week for a house, up from $900 per week from 12 months ago.
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Aussies living in the Queensland suburb had an average weekly household income of $1,682 - meaning they would need to spend a massive 71 per cent of their income to cover the average rent.
Next was Tweed Heads South, where rents represented 70 per cent of the average household income for houses and 56 per cent for units.
Suburbtrends founder Kent Lardner is calling on the government to increase the supply of rental properties.
“A significant number of suburban areas throughout Australia are experiencing a severe shortage of rental properties, with vacancy rates at historic lows and tenants facing difficulties in securing adequate housing,” he said.
“Well-to-do” Aussies living in upscale suburbs had a wider range of housing options, Lardner said, while lower-income renters were being hit the hardest.
“The situation is particularly dire for renters with low household incomes residing in socio-economically challenged communities, who face limited choices and significant difficulties in securing appropriate housing,” Lardner said.
Renters share horror stories
Aussies have taken to TikTok to vent their frustration with the current rental market.
One renter, who uses the handle Bree, shared her surprise at the rent increase on a two-bedroom, two-bathroom apartment in Rosebery.
The property was previously advertised for $575 per week two years ago. Now, the asking rent is $1,200 per week - more than double the amount.
“$1,200 a week for an 87-square-metre apartment in Rosebery. What do you mean?” Bree said in the video, which has now garnered more than 100,000 views.
“Disclaimer: I know it’s not a mistake. It’s just f***ed.”
Another TikToker, Chantelle Schmidt, recently made waves after sharing that her landlord had hiked her rent by $700 per fortnight.
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