Greens housing spokesman Max Chandler-Mather says rents are going up at the fastest rate in 25 years. Is that correct? RMIT ABC Fact Check investigates.
Professor Beer said asking rents data only accounted for changes in the cost of new leases for vacant properties which made up a very small proportion of the overall rental market —In contrast, CPI data measured changes in leases for both vacant and occupied dwellings giving a clearer snapshot of the overall market, he said.
This was the highest quarterly increase in rents since the three months to September 1988 — just under 35 years ago.Mr Moloney said referencing a quarterly increase to make a general claim about rental increases was fair. Over the past decade, as the chart above illustrates, increases in rents steadily declined before contracting sharply in the June and September quarters of 2020 when Australia's border was closed due to COVID-19So, while the recent spike in the growth in rents is significant, it follows a period of sustained low and negative growth.Experts told Fact Check recent rent increases come off the back of low and negative growth in recent years.
He pointed to factors including a long-term undersupply of new dwellings, growth in major cities, the rapid return to immigration post-pandemic, the prohibitively high cost of purchasing a house and a shortage of public and social housing as driving up costs.
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