Affordable rental properties are becoming increasingly scarce across Australia, with the share of rentals available for under $400 a week dropping significantly over the past year. New data from PropTrack shows that in April, only 10.4% of rental properties nationwide were listed for less than $400 a week, compared to 15.5% in April 2023 and 43.2% at the start of the pandemic.
In capital cities, the situation is more dire. Just 5.9% of rentals in these areas are below the $400-a-week mark, down from 10.6% a year ago. Sydney has now seen only 3.8% of its rental properties now costing less than $400 a week, declining from 22.7% in March 2020.
Melbourne’s rental market has also tightened, with just 7% of rentals under $400, compared to 38.7% at the beginning of the pandemic. Brisbane follows a similar trend, with the share of affordable rentals dropping from 49.2% in March 2020 to just 7.8% in April 2024.
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