Unseen factors driving Australia’s rental crisis,
A new report has exposed the significant impact of the rental crisis across various generations of Australians.
Researchers from The University of Adelaide, University of South Australia, Swinburne University of Technology, and McMasters University collaborated on the study.
The report warns that the number of older renters with limited superannuation will increase substantially in the coming decades.
As a result, housing insecurity will become a pressing issue for a growing number of elderly Australians who are renting.
Professor Baker emphasizes that this crisis is not limited to younger generations.
In fact, the rise of renting in Australia is a multigenerational issue that affects people of all ages.
The report revealed that the majority of Australian renters (78%) still dream of owning their own home one day.
However, only 59% of current renters believe this goal will be achievable within their lifetime.
Professor Emma Baker from the University of Adelaide notes, “Our survey found that three out of five private renters don’t think they will ever afford homeownership.”
“This indicates a significant shift in the mindset of Australian renters,” she explains.
Where once anyone aspiring for homeownership believed they would eventually achieve it, now many renters doubt this possibility.
The researchers warn that Australia is currently “ill-prepared” for the growing number of people renting long-term.
They propose policy changes, such as offering tax benefits to renters, to help them build assets for retirement.
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