Latest news with #rentincreases
News.com.au
11-07-2025
- Business
- News.com.au
Aussie cities where rents are up to $17k a year higher than in 2020
Australia's rental crisis could be even worse than previously thought, with alarming figures revealing rents have climbed by more than three times the rises in the average Aussie's pay over the last five years. The PropTrack data laid just how much of a struggle it has been for tenants to keep up, with nationwide rents rising by $10,920 annually since June 2020. In the capitals, rents rose by $11,180 a year on average. Meanwhile, the average Aussie's pay has only gone up by about $3,000 in that time, according to the Australian Bureau of Statistics. And that's full-time earnings, not taking into account the wide range of people working part-time and those who are unemployed. PropTrack economist Anne Flaherty said she was surprised by the degree of rent growth since 2020. 'What really jumps out is the magnitude of the increases we're seeing and how much of people's incomes are being spent just on the cost of rent,' she said. Ms Flaherty said the rental crisis came down to the central issue of low housing supply and high demand for rental properties. 'There's a whole multitude of factors for why demand for rental properties has increased,' she said. 'Obviously population growth is a massive factor. 'But another factor is that it's taking longer and longer to save a deposit to buy your first home, which means people are being trapped in the rental market longer.' Perth experienced the highest annual rent growth since 2020, with renters forking out an extra $16,640 a year. REIWA President Suzanne Brown said the major imbalance between supply and demand in WA saw the vacancy rate fall to record lows and put 'strong upward pressure on prices.' 'This has been very challenging for tenants,' Ms Brown said. 'We have seen some self-moderation of demand as tenants seek to cope with rising prices. 'This includes an increase in tenant household sizes to share the cost burden of renting, tenants electing to buy where possible and people simply choosing to stay in the family home longer or moving back in with family to avoid the rental market.' Mr Brown said that even though the WA rental market was improving, state and federal policymakers 'could not afford to be complacent' when it comes to rental reform. Greater Sydney and Brisbane experienced the second highest growth for capital cities, with rents increasing by $13,000 a year since 2020. Meanwhile, rents in Melbourne grew by $8,580 a year, almost half that of those in Perth. Ms Flaherty attributes this imbalance to Melbourne's higher housing supply and density pre-Covid, which allowed Victoria's capital to accommodate for post-pandemic population growth. 'This is incredible evidence on the impact that higher supply has,' she said. 'One of the reasons why rent growth and home price growth has been slower is because Greater Melbourne has been relatively better than the other capitals at building new homes.' Ms Flaherty said it would be some wait before rent figures started to slow around the country. 'Our expectation is that it's going to fall short in the coming years in most markets,' she said. 'We don't think that the pace of rent growth we saw over 2022-2023 is going to be repeated, however it's very unlikely we're going to see rents move backwards as a whole. 'Having said that, we are seeing differences in different markets.' ANNUAL RISE IN MEDIAN ADVERTISED RENTS (JUNE 2020-JUNE 2025) Australia $10,920 Combined capital markets $11,180 Combined regional markets $10,140 Greater Perth $16,640 Regional WA $15,600 Regional QLD $13,520 Greater Brisbane $13,000 Greater Sydney $13,000 Greater Darwin $12,480 Greater Adelaide $11,700 Regional NSW $9,880 Greater Melbourne $8,580 Regional SA $8,320 Regional VIC $7,280 Greater Hobart $6,500 Regional TAS $6,240 Greater Canberra $5,720 Regional NT $3,276 Source: PropTrack.
Yahoo
10-07-2025
- General
- Yahoo
Nearly 2,000 households in need of new home as Quebec's moving day nears
With Quebec's moving day fast approaching, more than 2,000 households across the province are still searching for housing — 320 more than at the same time last year, according to the province's housing corporation. Advocacy groups say they are bracing for more emergency calls. "There's been a lot more evictions, cases of repossessions," said Lyn O'Donnell, with the Citizen Action Committee of Verdun. "People are not only dealing with eviction. They're also dealing with the fact that they've received rent increases that, you know, like your average person just can't afford." In Montreal alone, some 270 have asked for help, the Société d'habitation du Québec (SHQ) says. Advocates warn the number is misleading. "That's just what's reported, right? So there's so much invisible homelessness involved in that. That even includes families with children," O'Donnell said. The city says help is available by calling 311. "We have enough resources, enough budget to help you find a new dwelling," said Philippe Sabourin, City of Montreal spokesperson. "We can also offer temporary resources or a temporary dwelling. We also have some resources for the storage if it's required." Help is out there — but not enough Help is also available through the SHQ and some people may be eligible for a rent supplement. But housing advocates say these resources are far from enough. "Housing is scarce, first of all. And also the program is mostly for low-income households," O'Donnell said. "And you have to have lived on the island of Montreal for the past 12 months and you have to have used up all of your own resources." O'Donnell said all of these measures are only temporary. The real solution is making more social housing available through a dedicated social housing program and putting in place real rent control, she says. At the moment, Quebec's rental board does not cap rents, rather it issues recommended rent increases and intervenes only if the tenant refuses the increase and cannot negotiate the new rent with the landlord. Housing advocacy group Le Front d'action populaire en réaménagement urbain (FRAPRU) says the increasing number of households in search of a home is due to the scarcity of affordable housing in the province. The SHQ says that of the 1,989 households at risk of homelessness, 473 are already in temporary accommodations, such as with family, friends or in a hotel. WATCH | How to get help: The regions with the highest number of cases include Lanaudière (294), Montreal (269) and Montérégie (235). Véronique Laflamme, spokesperson for FRAPRU, said people are often hoping for a solution up until July 1, and then come forward looking for help soon after. She said some end up in their cars or camping. Assistance varies across province Although rehousing assistance is available throughout the province, the measures offered to tenants vary greatly from one region to another, said Laflamme. Not all municipalities offer the Quebec-backed rehousing assistance program like the one in Montreal, which provides temporary accommodations, moving and storage. The housing shortage is easing slightly across the province, with the housing vacancy rate at 1.8 per cent in 2024, up from 1.3 per cent in 2023, according to the Canada Mortgage and Housing Corporation (CMHC). But this improvement does not translate into greater affordability, Laflamme said. In Montreal last year, the vacancy rate for units under $1,150 was less than one per cent. This compares to more than five per cent for units priced at a minimum of $1,675, which likely includes many recently built rental apartments, according to CMHC data. New data from Statistics Canada, released Wednesday, also shows soaring prices for available housing. The asking rent for a two-bedroom apartment in Montreal was $1,930 in the first quarter of 2025 — a 70.8 per cent increase from 2019. In Montreal, the average rent increase was 18.7 per cent in 2024 for apartments that changed tenants, compared to 4.7 per cent for dwellings where a lease was renewed, according to the CMHC. Since 2018, rents have jumped 47 per cent for all apartments in the province, according to a compilation by FRAPRU based on data from the CMHC. To address this unaffordability, FRAPRU urges Quebec to double the number of social housing units in the rental stock within 15 years, which would involve the construction of at least 10,000 new social housing units per year. The government has adopted a national housing strategy and set a target of 56,000 rental units per year — but no target for social housing, laments Laflamme. Even for tenants who are not moving this year, the situation is far from ideal, as many are facing steep rent increases, said Laflamme. The average rent increase suggested by Quebec's housing tribunal was 5.9 per cent for 2025. "This year's lease renewal period has been extremely difficult," said Laflamme, citing a large number of callers looking for ways to mitigate rent increases.
Yahoo
03-07-2025
- Business
- Yahoo
Halifax 'asking rents' climbed in May as other Canadian cities saw decreases from 2024
Asking rents for new apartment listings in Halifax continued to climb in May, even as cities in other provinces are seeing lower rents than they were a year ago, according to a recent report by Urbanation and For months now, asking rents in major cities like Toronto and Vancouver have consistently been lower than they were the previous year, said Giacomo Ladas, spokesperson for But in Halifax, average asking rents in May for two-bedroom apartments rose 5.4 per cent year over year to $2,623, according to the report that's based on monthly listings from the network. Halifax is "climbing up our rental list of most expensive markets," said Ladas. According to data from Statistics Canada, Nova Scotia was the only province as of April that had seen an overall increase in its rent inflation rate in the previous six months. Rents in the province were up an average of 8.1 per cent in April compared to last year. In November, rent inflation was at 6.4 per cent and had generally been on a downward trend since October 2023 — when the figure was at a double-digit level. But one expert said there can be volatility in short-term data, and that there are encouraging signs the rental market in Halifax and elsewhere in Atlantic Canada may be reaching a "turning point" when it comes to the pace of rent increases. "We're certainly seeing a rebalancing [of the market], let's say, where there is lower demand," said real estate consultant Neil Lovitt, adding that some apartments are becoming more difficult to lease. He said this slowdown is mostly at the top end of the market and with newer units, which can be much more expensive than older housing. The top end is "where we would expect to see those changes happen first," Lovitt said. "Those are the ones that are first to sort of lose demand as more affordable alternatives become available, or there's less competition forcing people to have to reach to those heights." Ladas concurred about this trend at the top end and said there's now higher vacancy with new units, particularly those located downtown. "That's why you're seeing some landlords offer a lot of incentives such as one month free rent," Ladas said. While there are signs the rental market in Nova Scotia is improving, Lovitt warns that a problem that stops getting worse isn't the same as a problem solved. He worries about continued government motivation to do things such as grow the volume of non-market housing like co-ops and public housing — which some experts say is needed to create a more affordable housing system. "Even if prices stop increasing entirely for a number of years … a significant portion of the population now just simply cannot afford housing at current prices." MORE TOP STORIES
CBC
19-06-2025
- Business
- CBC
Halifax asking rents climbed in May as other Canadian cities saw decreases from 2024
Asking rents for new apartment listings in Halifax continued to climb in May, even as cities in other provinces are seeing lower rents than they were a year ago, according to a recent report by Urbanation and For months now, asking rents in major cities like Toronto and Vancouver have consistently been lower than they were the previous year, said Giacomo Ladas, spokesperson for But in Halifax, average asking rents in May for two-bedroom apartments rose 5.4 per cent year over year to $2,623, according to the report that's based on monthly listings from the network. Halifax is "climbing up our rental list of most expensive markets," said Ladas. According to data from Statistics Canada, Nova Scotia was the only province as of April that had seen an overall increase in its rent inflation rate in the previous six months. Rents in the province were up an average of 8.1 per cent in April compared to last year. In November, rent inflation was at 6.4 per cent and had generally been on a downward trend since October 2023 — when the figure was at a double-digit level. But one expert said there can be volatility in short-term data, and that there are encouraging signs the rental market in Halifax and elsewhere in Atlantic Canada may be reaching a "turning point" when it comes to the pace of rent increases. "We're certainly seeing a rebalancing [of the market], let's say, where there is lower demand," said real estate consultant Neil Lovitt, adding that some apartments are becoming more difficult to lease. He said this slowdown is mostly at the top end of the market and with newer units, which can be much more expensive than older housing. The top end is "where we would expect to see those changes happen first," Lovitt said. "Those are the ones that are first to sort of lose demand as more affordable alternatives become available, or there's less competition forcing people to have to reach to those heights." Ladas concurred about this trend at the top end and said there's now higher vacancy with new units, particularly those located downtown. "That's why you're seeing some landlords offer a lot of incentives such as one month free rent," Ladas said. While there are signs the rental market in Nova Scotia is improving, Lovitt warns that a problem that stops getting worse isn't the same as a problem solved. He worries about continued government motivation to do things such as grow the volume of non-market housing like co-ops and public housing — which some experts say is needed to create a more affordable housing system.
