Tackling rental affordability

The rental affordability problem has been brewing for several years, with recent statistics revealing the extent of its impact.

Since 2020, rents have skyrocketed approximately 34% due to a combination of factors such as the supply and demand imbalance, economic and population growth on the Sunshine Coast, rising property costs, interest rates and inflation.

Three years ago, the average weekly rent was $476 but in 2023 it has risen to $633. The surge in rental prices has made it increasingly difficult for tenants to secure suitable housing and raised concerns about housing affordability across the region.

The situation in Caloundra typifies the rental affordability problem. Of the 226 properties available for rent across the 4551 postcode, only 9% are under $450 per week. 

There is a clear need for more affordable housing options to accommodate individuals from various income brackets so the destination can continue to thrive as a socially-inclusive and vibrant place to live, visit and invest.

As the southern Sunshine Coast grapples with the rental challenge, it is vital for landlords to ensure their properties meet the new standards being currently rolled out under the Housing Legislation Amendment Act 2021.

One of the major changes which comes into effect on September 1 involves the maintenance of housing standards. The Act outlines minimum requirements to be met in order for a property to be fit for rental, covering criteria such as functioning locks on doors and windows, suitable kitchen and laundry facilities, and waterproofing.

Properties that do not comply with these requirements are considered not fit for rental, regardless of how little rent is charged. Tenancy agreements will be unenforceable if they relate to properties that fail to meet the minimum standard.

Amidst these challenges, enlisting the help of proven property management experts such as Henzells has never been more important. Of the 72 agencies on the Sunshine Coast, Henzells ranks second overall for placing tenants in homes over the past three months.

We have the runs on the board in helping landlords navigate the changing landscape of rental legislation, with a commitment to the highest levels of service to owners and tenants.

Henzells also serves as a reliable partner for tenants in finding suitable and affordable rentals in these competitive times.