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Improved rental affordability across most of the country

Improved rental affordability across most of the country

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It’s a renter’s market out there, as the proportion of income required to meet rental payments has fallen across most states and territories.

A report from the Real Estate Institute of Australia and Adelaide Bank has highlighted rental affordability across the country for the March quarter 2016.

NSW was the most expensive state for renting, with the proportion of income required to meet rental payments rising from 28.0 per cent in the March quarter 2015 to 29.0 per cent in the March quarter 2016.

In the Northern Territory, the proportion of income required to meet rental payments fell from 31.0 per cent in 2015 to 26.2 per cent in 2016.

In Tasmania, the figure fell from 26.9 per cent in the March quarter 2015 to 25.9 per cent in the March quarter 2016.

In Victoria, the proportion of income required to meet rental payments rose from 23.3 per cent in 2015 to 23.9 per cent in 2016.

In Queensland the figure fell from 24.2 per cent in the March quarter 2015 to 23.9 per cent in the March quarter 2016.

In South Australia, the proportion of income required to meet rental payments fell from 23.3 per cent in 2015 to 22.9 per cent in 2016.

In Western Australia the figure fell from 22.9 per cent in the March quarter 2015 to 20.2 per cent in the March quarter 2016.

The ACT remains the country’s cheapest state or territory for renting, as the proportion of income required to meet rental payments fell from 17.9 per cent in 2015 to 17.4 per cent in 2016.

Across the country the proportion of income required to meet rental payments remained unchanged at 25.1 per cent.

[Related: Landlords have 'no scope to lift rental rates']

 

Improved rental affordability across most of the country
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