The main cause of Australia’s rental crisis is obvious: a record increase in the country’s net overseas migration, which saw an unprecedented 518,000 net migrants arrive in 2022-23:
![Historical NOM](https://api.macrobusiness.com.au/wp-content/uploads/2023/12/Historical-NOM-1.png)
This spike in population demand has resulted in historically low rental vacancy rates and skyrocketing rental prices:
![Rental market summary](https://api.macrobusiness.com.au/wp-content/uploads/2023/12/Shane-Oliver-rental-crisis.png)
Source: Shane Oliver
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