Australia's Red-Hot Rental Market Leaves Low-Income Households Struggling
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Australia's rental market is very tight, with record low vacancies and prices up 30% in 3 years, creating affordability issues.
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Tenants like Lara Weeks are making tough choices, downsizing apartments or moving farther from cities despite higher rents.
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Rent is a major driver of Australia's high inflation, which could lead to more rate hikes and push rents higher.
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Many tenants have already been priced out of houses and into apartments, with nationwide apartment rents up 4% last quarter.
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Rent inflation is expected to peak at 10% annually before cooling, but low-income households are spending over 50% of income on rent.