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Rental Pain Index - January 2024

Rental Pain Index - January 2024

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2023's National Worst 20 Suburbs for Renters: A Suburbtrends Report

The Suburbtrends Rental Pain Index (RPI) offers a critical analysis of the rental market in Australia, highlighting the alarming level of rental hardship in various suburbs, grouped by Statistical Area 2 (SA2). Focusing on the top 25 worst suburb groups for rental pain, the data reveals a concerning trend of increasing rental stress, particularly in Queensland (QLD) and New South Wales (NSW), along with notable instances in South Australia (SA).

 QLD emerges as the most affected state, with the majority of the top 25 suburb groups located there. Suburbs like Durack, Logan Central, and Deception Bay feature at the top of the list, all with an RPI of 100, indicating the maximum level of rental hardship. These areas have witnessed significant average 12-month rental increases, ranging from 7% to 15%, coupled with high percentages of median household income dedicated to rent, reaching as high as 57% in Mermaid Waters.

 NSW, while having fewer suburbs in the top 25, still shows extreme rental stress in areas like Warilla, Sans Souci - Ramsgate and Monterey - Brighton-le-Sands - Kyeemagh. These regions are characterised by high rental increases (up to 23%) and considerable portions of income (up to 44%) spent on rent.

 SA’s presence in the list, with suburbs like Christie Downs and Warradale, also reflects significant rental stress, despite the state's overall lower percentage of suburbs in extreme rental pain compared to QLD and NSW.

This data underscores the critical nature of the rental crisis in Australia, with substantial portions of renters in specific suburb groups facing severe hardship. The extremely low vacancy rates in these areas exacerbate the situation, limiting housing options for renters.

 The disparities highlighted in this analysis necessitate urgent and targeted policy interventions. Addressing rental affordability, controlling rent hikes and increasing housing supply are imperative to alleviate the rental stress, particularly in the most affected suburb groups. The need for nuanced, region-specific strategies is paramount to ensure that all Australians have access to affordable and sustainable housing.

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