The housing crunch forces new urban living norms.
With rents rising nearly 40 per cent in the past five years cities are becoming hubs for larger households as international students lead the charge of living together.
Housing has become a battleground for the major political parties jockeying to appeal to first-time homebuyers in particular, but renters continue to do it tough.
Advertised rental listings remain well below average, property data firm CoreLogic says in its Quarterly Rental Review released on Wednesday.
About 99,000 rental properties were listed nationally over four weeks, more than 22 percent less than normal for this time of year.
“With affordability stretched, many renters are adjusting by staying in shared accommodation or delaying independent living, which in turn reduces net rental demand,” CoreLogic senior economist Kaytlin Ezzy said.
Since March 2020, national rents have climbed 38.4 percent or the equivalent of an extra $182 per week, averaging $9,442 annually.
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