With property rents continuing to increase sharply, there’s been a significant reduction in the number of rental properties available for less than $400 per week.
Across Australia, the share of sub-$400 rental listings fell from 19.85% in October 2022 to 11.25% in October 2023, according to PropTrack.
Hobart was the only capital city that experienced an increase in the share of sub-$400 listings over the year.
PropTrack senior data analyst Karen Dellow said that with vacancy rates at an all-time low, it was unsurprising that high demand had pushed up median weekly rents.
“The only way to increase the affordable housing stock in Australia is to build enough new rental properties to meet the demand or reduce demand. But, with the population growing faster than expected and more people living independently, demand will continue growing for the foreseeable future,” she said.
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