New report reveals top-20 suburbs that are in need of more rental stock

New research commissioned by RentRabbit.com.au has revealed the top 20 suburbs in Australia where tenants desperately need more rental accommodation.

The top 20 rental markets identified by the quarterly RentRabbit.com.au Rental Crisis Report were largely in need of more rental stock due to them having incredibly low vacancy rates, low average weekly household incomes, as well as below-average socio-economic status.

The top-20 suburbs are as follows:

To come up with the list, all rental house markets in Australia were analysed, filtering out suburbs that had more than three vacant rental properties, had a vacancy rate above 1.4%, and were above average in terms of socio-economic status.

The remaining suburbs were then ranked based on their average weekly household income – from lowest to highest.

All the suburbs had a vacancy rate under 1%, while most had a 0% vacancy rate.

Ben Pretty, RentRabbit.com.au co-founder, said many tenants are currently facing desperate conditions.

“Many Australians are being faced with a triple whammy – they live in socio-economically

disadvantaged areas, they have low household incomes, and it’s incredibly hard for them to

find rental accommodation,” Pretty said. “Some of these renters are living in suburbs that have a vacancy rate of 0%, which means rental properties are being snapped up the moment they become vacant. Unsurprisingly, in the vast majority of these suburbs, rents have increased over the past year, often by double-digit percentages.”