Rents surge as social housing shortfall hits home
Australia’s extreme shortage of social housing is hitting home, with new forecasts showing that rents will surge more than 11 per cent this year.
According to reports, St George economists are forecasting an ‘11.5 per cent lift in rents through 2023 after a 10 per cent jump last year.’ This will mean a ‘$10 billion increase in household rent bills’ on top of the ‘$5 billion increase’ in 2022.
Everybody’s Home spokesperson Maiy Azize said the forecasts show that action on social housing has become urgent.
“Rising rents are hitting home for tenants. Our huge shortfall in social housing is making it worse. But this housing crisis doesn’t seem to be hitting home fast enough for those who hold the purse strings,” Ms Azize said.
“Renters are constantly being smashed as a result of our broken housing system. Rents were already skyrocketing before interest rates started to rise. Now they’re being forced to pay even more.
“Investors can write off losses on tax or pass them on to tenants. But renters will have to pay an extra $10 billion to their landlords over the next year. With such a huge shortfall in social housing, tenants only have two choices – pay through the roof or find themselves with no home.
“When energy prices skyrocketed during the pandemic, the Federal Government stepped in to protect people. Homes are just as important. We need them to understand that this is an emergency, and that homes are at stake.
“The Federal Government can’t sit by while thousands of Australian families are being pushed into homelessness. We need the government to spend serious dollars on social housing.
“People who are suffering can’t afford to wait. We need shovels in the ground today.”