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Late last year, Cotality released its housing affordability report, which recorded the poorest rental affordability on record, with the median tenant household required to pay a record 33.4% of their incomes to service rent:
The decline in rental affordability was driven by the 47% increase in advertised rents since the end of 2019, which has added around $11,500 to the annual cost of renting the median Australian home:
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REA Group has released the latest realestate.com.au Rental Affordability Report, which also revealed that rental affordability declined over the past year to reach its lowest level since at least 2008, when records began.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.