National housing campaign Everybody’s Home has said that now is the best time to cap rent increases to prevent the next surge, as new data shows renters have hit an affordability ceiling.
REA quarterly rent data out today reveals rents across the country remain at record highs, with the national median rent reaching $675 a week, up 1.5 percent over the quarter and 5.5 percent over the year.
The data shows vacancy rates have risen slightly from 1.3 to 1.5 percent, which is the highest since February 2022 but still tight, meaning renters are still stuck in a competitive market.
Everybody’s Home spokesperson Maiy Azize said the data shouldn’t be mistaken for relief, with rents still far beyond what most can afford and no real solution to bring them down.
“Rents are at record highs, renters are struggling to keep a roof over their heads, and somehow we’re having a conversation about whether rents have finally stopped rising quite so quickly,” Ms Azize said.
“That tells you just how disconnected our housing debate has become from the reality facing renters.