Rising Rents Push Australians to Financial Brink

More Australians are diving deeper into housing stress and poverty with no end in sight, as new figures highlight the sharp rental rises across the nation, Homelessness Australia says. Figures out today from Corelogic show a 'new record high' in national annual rent growth with values up 10.2% in the year to December. Homelessness Australia chief executive, Kate Colvin, said the numbers underscore the pressure placed on many vulnerable renters. "The latest annual rent growth adds to what was already an unaffordable rental market. These figures are alarming and further proof that more Australians are doing it tough, plunging deeper, or for the first time, into housing stress and poverty" Ms Colvin said. "Housing stress is the fastest growing cause of homelessness and services are being smashed with people seeking help because they can't afford a roof over their heads." New data released this week showed national vacancy rates at a record low 0.8 per cent. With vacancy rates below 0.5 per cent for capital cities Perth, Adelaide and Hobart "With vacancy rates remaining tight and rents staying high, struggling renters are set to experience another horrid year without targeted intervention. The dreadful stories we keep hearing of people sleeping in cars and skipping meals will sadly continue." Ms Colvin said. "Renters can't wait years for action. The next Budget needs to include immediate relief by increasing Commonwealth Rent Assistance and delivering a much bigger commitment to social housing."