Affordable Brisbane rentals dwindling, report finds
Securing a rental property in Brisbane is harder than ever, according to a new report showing affordable availability has dropped dramatically.
Availability for rental properties costing $400 a week or less has dropped from 49.2 per cent to 7.8 per cent since the beginning of the COVID-19 pandemic.
Experts say the dwindling number of affordable properties is taking a toll on Queensland families, and there's no easy fix.
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Securing a rental property in Brisbane is harder than ever, according to a new report showing affordable availability has dropped dramatically. Nine
"There's a real shortage of these affordable rentals," Proptrack Economist Paul Ryan said.
"We're expecting that the share of rentals priced below $400 will continue to decrease"
"The unfortunate reality is that it takes a long time to build homes"
Taringa, a Brisbane suburb, is the closest renters can find a home for $400 a week.
A one-bedroom one-bath townhouse in Burpengary is also listed at $400 per week, as well as one-bedroom homes in Zillmere and Rochedale South.
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Experts say the dwindling number of affordable properties is taking a toll on Queensland families, and there's no easy fix. Nine
Antonia Mercorella from the Real Estate Institute of Queensland (REIQ) says the shortage in affordable rental properties boils down to a few of factors.
"That's been partly driven by very strong interstate migration as well as some international migration...we also know we have a deficient social housing system," Mercorella said.
"It puts extraordinary pressure on renters whether it be one person, a couple or families.
"I don't think there's one exclusive solution."
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