Airbnb’s worsen Australia’s rental crisis

Australia’s rental market is in crisis, with record-low vacancy rates and strong rental growth.

As a result, the share of household income required to meet repayments on the median advertised rent was a record high in the September quarter:

While the primary driver of Australia’s recent extreme rental inflation has been historically high net overseas migration, short-stay rentals like Airbnb have had a detrimental impact on areas like coastal towns and holiday hotspots, where they are exacerbating the housing crisis by directly removing properties from the long-term rental market.