Rents still rising but set to fall in 2024
The seemingly endless torrent of rent increases may be coming to an end, with economic indicators pointing to an easing of the rental crisis in 2024.
The table above details the proportion of family income needed to meet rent payments, with Tasmania and New South Wales causing renters the most stress. (Image source: Shutterstock/REIA/API Magazine)
Rents have continued their inexorable rise but there are, at long last, signs that they may retreat in 2024.
Rental affordability continued to worsen over the quarter, declining in New South Wales, Victoria, Queensland and Western Australia, but improved in the other states and territories.
The proportion of income required to meet median rent increased nationally to 23.4 per cent, according to the Real Estate Institute of Australia Housing Aff…
