Less than 1% of Australia’s rental properties are now available for occupancy, sending rents soaring, deepening the cost-of-living crunch, and pushing thousands more Australians into homelessness.
Photographer: Brent Lewin/BloombergHousing’s ‘Vicious Spiral’ Drags Australia Into Deepening Crisis
The supply of rental homes is shrinking fast and there’s little sign of relief on the horizon.
It’s getting harder than ever to rent a home in Australia as one of the world’s most acute real estate shortages worsens by the day.
Less than 1% of the country’s rental properties are now available for occupancy, far fewer than even red-hot markets like Singapore. That’s sending rents soaring to eye-watering levels, deepening an already dire cost-of-living crunch and pushing thousands more Australians into homelessness.