Australia’s rental crisis has worsened in the first quarter of 2023 with rising prices and falling vacancies, adding more pressure on renters across the country.
In its latest quarterly rental review, real estate data provider CoreLogic pointed out that national rental prices rose by 2.5 percent in the March quarter, up from two percent in the previous three months.
This increase resulted in an extra payment of $52 (US$35) a week, or $2,727 a year, for an average renter.
And compared to the March quarter of 2022, the cost of rent jumped by 10.1 percent.
CoreLogic economist Kaytlin Ezzy said the findings indicated a worsening trend for Australian renters….