Rental Affordability Hits Record Low Levels

The proportion of rentals that cost less than 25 per cent of household income is at the lowest level in records going back to 2008. PropTrack senior economist Angus Moore says building more well-located housing is the key longer-term solution to lower rents relative to incomes. Rental affordability is at its lowest level in at least 17 years, having swung dramatically from record levels of affordability during the early stages of the COVID pandemic.

The analysis from PropTrack — a real estate data firm owned by property advertising platform REA Group — goes back as far as 2008. The figures show renting now has become even less affordable than it was in the aftermath of the global financial crisis, as interest rates started rising from late 2009 through 2010. The figures examine what percentage of rentals a household in each income group would be able to afford without spending more than a quarter of their earnings on rent. Nationally, only 39 per cent of properties advertised for rent on realestate.co

Source: Real Estate Daily Report (realestatedailyreport.net)

Rentals Household Income Affordability COVID Pandemic Real Estate Data Property Advertising Interest Rates Global Financial Crisis

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