The number of available properties listed to rent fell to a record low in September, with worsening vacancy rates and a rising population increasing competition among renters that is resulting in higher prices.A lack of new property listings saw the total number of rentals reach a record low in September
The lack of new listings saw the total number of properties available to rent in September reach a record low, falling by 7.1 per cent compared to last year, while the national vacancy rate sank to a historic low of 1.1 per cent. Mr Kusher said the current environment of high rents as a result of rising demand and limited properties would remain in capital cities, but ease elsewhere.
Mr Kusher said higher rents made it challenging for potential home buyers to save for a deposit, while higher interest rates and property prices coupled with reduced borrowing capacities make it difficult to enter the property market at all.Mr Kusher notes that while it's "difficult to imagine" rents will increase as dramatically as they have in the past 12 months in the major capital cities, they will continue rising.
Mr Kusher said both the ABS data and the RBA's forecasts reflected what he had seen in the rental market for months. "If they're spending equal to or less than 30 per cent of their minimum wage , there's only 1.4 per cent of all rental properties nationally they'd be able to afford in August this year," he said.
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