Over 50 per cent of Australian renters feel they have no choice but to rent, with many believing home ownership is out of reach according to new research.
A YouGov survey of more than 1,500 Australians revealed that 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 findings come as the Senate considers legislation that would make it easier to invest in build-to-rent projects, which are apartments specifically developed and owned for renters.
Property Council of Australia Chief Executive Mike Zorbas said the Senate must take action to address the housing shortage.
“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.
“This is two and a half times the number of new homes to be delivered under the welcome Housing Australia Future Fund.”
Community Housing Industry Association CEO Wendy Hayhurst said the situaion was urgent and the legislation needs to get passed.
“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.
According to EY research, if the legislation passes with proposed changes, 105,000 new homes could be delivered over the next decade, including 10,500 affordable rentals.
The research shows that over 60 per cent of Australians support the build-to-rent legislation with proposed amendments, rising to 71 per cent among renters.
National Shelter NSW CEO John Engeler said the proposed legislation could improve renter security.
“By passing this bill with amendments, the Senate can improve housing security and availability for countless Australians,” Mr Engeler said.
“We cannot afford to delay action any longer.”
