Australia’s rental market is in crisis.
Vacancy rates are at virtually all-time lows, rental stock remains slim, and rents are skyrocketing.
So how did we get into this rental crisis?
And how long will it last?
And what does it mean for property investors?
In today’s chat, Dr. Andrew Wilson and I shed light on the causes, implications, and potential solutions to Australia's rental crisis.
We discuss the following:
- The origins and potential duration of Australia's rental crisis
- How investors are playing catch-up as rental prices have not kept up with inflation
- Why the market is undersupplied with rentals
- The latest rental data and vacancy rates across the country
- Why there are fewer new investors entering the market?
- Potential solutions such as the build-to-rent concept.
- The role of government interference and rising construction costs in the rental crisis
- The impact of Australia's record-breaking population growth on the rental market
- How a shift to smaller households amid strong population growth impacted the rental market
- The types of dwellings residents want have also changed.
- The potential role of small-scale entrepreneurs and risk-takers in the rental market
- The government's decision not to implement rent freezes or caps and its possible implications
- The impact of the COVID-19 pandemic on the rental market
- Strategies for property investors to navigate the current market
As the rental crisis continues to evolve understanding the crisis's complexities and exploring innovative solutions will help investors navigate the current market.
Links and Resources:
Dr. Andrew Wilson, Chief Economist My Housing Market
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Some of our favorite quotes from the show:
“And the sort of dwellings we want to live in have changed. Some of us want more home office space. Others wanted larger dwelling, more outdoor space.” – Michael Yardney
“The media makes a lot of fuss about these skyrocketing rents, but they didn't make a fuss when landlords had to reduce their rents over COVID or if you look back over a decade, and there were periods of years when rents were flat.” – Michael Yardney
“So many people live their lives drowning in impossibility rather than embracing the knowledge that your mere existence has proved that anything is possible.” – Michael Yardney
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