Rentals out of reach
Pensioners and working parents have been priced out of the rental market in all metropolitan areas, according to the latest Rental Affordability Index (RAI). Rental affordability dropped in all cities except Perth over the last quarter.
Rental affordability in Sydney is at a record low, with a full-time teacher who is a single parent paying 43% to 55% of the family’s income on rent, says Ellen Witte, partner at SGS Economics & Planning.
The situation for pensioners is even worse – a single pensioner renting a one-bedroom unit anywhere in Sydney needs to put 60% or more of their pension towards rent.
National Shelter, Community Sector Banking and SGS Economics & Planning have released the RAI on a biannual basis since 2015.