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Rental Pain Index July 2024

Rental Pain Index July 2024

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Rental Pain Index (RPI) - July 2024

The Rental Pain Index (RPI) analysis for July 2024 offers a comprehensive overview of rental market pressures across Australian states. Nationally, the percentage of SA2s with an RPI of 75 or higher increased slightly from 72.25% in June to 72.90% in July, underscoring persistent rental stress.

In New South Wales (NSW), the proportion of SA2s in extreme rental pain decreased slightly from 72.54% to 71.69%. This suggests a minor relief in rental affordability, despite average rents increasing by 9.97%. Queensland (QLD) saw the percentage of SA2s in extreme pain rise from 80.98% to 81.22%, reflecting significant affordability challenges, with rents rising by 10.09% and 32.18% of income spent on rent.

South Australia (SA) observed a slight increase in extreme rental pain, from 79.85% to 80.15%, with rents up by 10.45% and 31.20% of income devoted to rent. Conversely, Western Australia (WA) showed a marginal decrease, from 83.74% to 82.76%, despite rents rising 16.61%, with affordability at 31.25%.

Victoria (VIC) experienced a modest reduction in extreme rental pain, dropping from 75.37% to 74.58%, even as rents increased by 11.94%, with rental costs at 27.91% of income. The Australian Capital Territory (ACT) and the Northern Territory (NT) remained stable, with minor changes, indicating consistent rental conditions.

Tasmania (TAS) stood out with a significant improvement, reducing extreme rental pain from 29.87% to 27.27%, indicating better rental affordability despite a modest 0.95% rent increase and 31.45% of income spent on rent.

Emerging trends indicate a potential easing in some areas, with rental increases beginning to level out. However, the persistent issue of rents consuming over 30% of household income remains a significant concern. This situation not only impacts renters but also has broader economic implications, potentially affecting household spending and overall economic stability. The need for targeted interventions to address affordability issues is critical to ensuring long-term sustainability in the rental market.

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