New research reveals that over 50 per cent of Australian renters feel they have no alternative but to rent.
According to a YouGov survey of over 1,500 Australians, nearly eight in ten people feel there is a lack of affordable housing in their area, with housing affordability ranking as the second-highest concern after cost of living.
The survey found that 40 per cent believed that home ownership will be out of reach in the next five years.
The Property Council of Australia, National Shelter and the Community Housing Industry Association are urging Senators to pass build-to-rent legislation with critical amendments to boost rental housing supply.
EY research shows the legislation could deliver 105,000 new homes over the next decade, including 10,500 affordable rentals, if passed with proposed changes.
Property Council of Australia Chief Executive Mike Zorbas said the Senate must act on this opportunity.
“With the right amendments, this legislation is the best and cheapest way for the Federal parliament to add 105,000 new rental homes to supply across Australia over the next decade,” Mr Zorbas said.
Wendy Hayhurst, CEO of CHIA, said the situation is now urgent.
“Passing this bill with our amendments could rapidly inject 1,200 affordable rental homes into the market, providing relief to those facing steep rent increases as the National Rental Affordability Scheme winds down,” Ms Hayhurst said.
She said the proposed legislation has strong public support, with over 60 per cent of Australians backing the build-to-rent legislation with proposed amendments, rising to 71 per cent among renters.
John Engeler, NSW CEO of National Shelter, said the legislation could improve renting conditions.
“By passing this bill with amendments, the Senate can improve housing security and availability for countless Australians. We cannot afford to delay action any longer,” Mr Engeler said.
