February 25, 2016

Rental affordability crisis in Sydney

  • SYDNEY is in the midst of a rental affordability crisis that is driving families to spend up to two thirds of their income on rent
  • A rental affordability index released today reveals rental stress is “worse than ever expected” and poses a threat for a generation of young Australians who may not be able to buy or rent a home unless a national strategy is developed
  • The index, created by National Shelter, Community Sector Banking and SGS Economics & Planning, showed Sydney’s low income households “are being hammered beyond  belief” and modest income households are “hard up” and have little disposable income.
  • Families on $500 a week face spending 65 per cent of their income on rent, while households on $1000 to $1500 a week are close to housing stress — the threshold where rent eats up more than 30 per cent of their weekly pay