The Cost of Renting Report 2024 is based on a survey of 1400+ renters from across Australia, conducted in May-June 2024.
We asked renters about their renting experiences, with a particular focus on rent increases, energy costs, and landlord and real estate agents’ compliance with rental laws. Our first report based on the survey’s responses—Joule Thieves—focused on energy efficiency standards in rentals, energy costs, and their drain on renters’ financial and emotional resources. This report focuses on rent increases, affordability, and the weakness of rental laws in practice.
Renters from our survey told us they had steadily whittled down other expenses in their lives to afford rent. They were cutting back on savings, food, healthcare, and their social lives to hand over more money to landlords. What renters got in return for making cuts was a fear that their landlord or real estate agent could issue a big rent increase, drag their feet on repairs, or evict renters in retaliation for bringing up issues. Combined with low vacancy rates and possibly nowhere to go, many renters felt it was safer not to bring up issues. It’s incredibly unfair that renters make significant cuts to their expenses and nonetheless end up in such an unequal position.
The overall picture is that a tight rental market has forced renters to make sacrifices that are diminishing their health, mental health, and social lives. This market has also concentrated power in the hands of
landlords, resulting in unbridled rent increases and neglect of repairs and maintenance. Figures from our report illuminate this:
- Nine in ten renters were paying more than they were 12 months before.
- Half of rent increases that took effect in full were over 10%.
- One in six notices of rent increase was above 25%.
- One in two respondents said repairs didn’t get fixed within four weeks.
- In the past 12 months, 59% of renters said they didn’t bring up issues because they feared retaliation from their landlord or real estate agent.
While rental laws vary across states and territories, these systemic issues affect renters across Australia. These issues are the result of weak regulation, a cultural disregard for rental laws on the part of land-lords and agents, and a tight rental market that strips power from renters and emboldens non-compliant lessors. We recommend addressing this by strengthening rental laws, reforming tax settings, and increasing housing supply to drive a higher rate of available rental properties.