Australia is crying out for affordable rental properties, with new research highlighting the need for one million extra affordable homes across Australia by 2036.
Analysis by UNSW’s City Futures Research Centre looked at ABS data to measure “rental stress”. People are considered to be suffering from rental stress if they spend more than 30% of their income on rent.
The report claims there is an existing deficit of 651,300 affordable rental homes. Based on current trends, this will blow out to around 1,024,000 by 2036. One-third of all the affordable homes needed are in New South Wales.
“The recent housing boom has contributed to the number of households in distress, but the need actually arises from a prolonged lack of investment into social and affordable housing going back two to three decades,” says lead researcher Laurence Troy.
A number of non-government organisations and social housing groups have suggested that the best way to provide the new homes is for the government to invest $8.6 billion a year in capital grants for not-for-profit organisations.