The poorest households need to pay more than 25 per cent of their pre-tax income to afford any rental housing nationally, according to a new report.
Already a subscriber?Surging rents fuelled by housing supply shortages have pushed rental affordability to its worst level in 17 years and will keep pressure on inflation for some time yet, a new report warns.
“The rapid pace of rent growth we’re seeing has been adding to inflation, particularly since rents are quite a sizeable part of the CPI basket,” Mr Moore said. “Given that advertised rent growth has been quite strong, and tends to lead growth in average outstanding rents, we’re likely to continue to see rents making a solid contribution to inflation for a little while yet.”
Mr Moore called for more rental support for low-income renters such as Commonwealth Rent Assistance, following“Without support, renting would be impossible for many of these households given their incomes,” he said.
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