Trapped in the rental market
Renting used to be something you did for a few years between leaving home and starting your life. Nowadays long term renting is much more common because renters have been squeezed out of the market.
“I rent in Monash and pay $400 a week in rent, which is 47 per cent of my take home pay. At the moment I work four days a week in the public service so I can spend an extra day a week with my three year old.
On top of rent I pay for the electricity, water and gas. There’s just no way I could buy a house here. Home ownership feels like a dream.
Even if I stayed where I was, my unit would cost $400,000 and that would leave me with no safety net or savings. As a single mother my salary has to cover ALL expenses and I can’t afford to be over-extended with house payments.”
Trish, Monash, ACT
Did you know?
- In the last five years capital city rents have risen at twice the rate of inflation
- Australia has a shortage of 493,000 rental properties that are affordable and available to people on a low income
- There are 173,000 Australians on public housing waiting lists
- From 1996 to 2007 the number of affordable public housing properties shrank by 30,000. Despite an additional 19,300 properties built by the Nation Building Stimulus package, the number of properties doesn’t meet the demand
- Over 150,000 people in private rental are paying more that 50 per cent of their income on housing costs, even after receiving rent assistance
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