A shortage of rental accommodation, multiple applications per property and rising rents are proof that Australia’s rental market is undersupplied, with predictions the country could soon see the “biggest rent increases in living memory”.
Propertyology head of research Simon Pressley said the property market had largely survived COVID-19 unscathed despite a sharp fall in migration, with only Sydney and Melbourne recording a surplus of stock and falling rents.
“The reality is that Australia does not have enough housing supply for its existing 25.6 million population,” Mr Pressley said.
“Propertyology is predicting that these next couple of years will produce the biggest increase in rents that Australia has seen in living memory.
“Depending on which side of the fence you sit, this represents a big challenge or an extremely exciting opportunity.” To read the full article click here