A new report has uncovered the toughest areas in Australia to rent in, with dozens of suburbs experiencing significant rental stress across the nation.
Real estate analytics outfit Suburbtrends on Thursday released their ‘Rental Pain Index’ for September and the data painted a grim picture for residents currently renting to keep a roof over their head.
Many regions are still facing low vacancy rates, a lack of affordable rental stock and high costs.
“Focusing solely on rent increases can be misleading.
Even in areas where price hikes have eased, many renters continue to face severe affordability issues, with rent consuming well over 30% of household income,” Suburbtrends founder Kent Lardner said in a statement.
“This is especially true across numerous LGAs, where vacancy rates remain critically low, exacerbating competition for already scarce rental properties.
“The slowing pace of rental increases does not mean the crisis is over
It simply means the pressure has shifted slightly, but the overall stress on renters remains severe.”
In New South Wales, the suburb of Bellingen on the Mid North Coast was ranked as the worst in the state according to its RPI of 94, with a score of 100 denoting the most unfavourable rental conditions.
