Affordable rentals remain few and far between, with the share of total properties listed for rent below $400 per week falling to a new low. 

New PropTrack research found that the share of rental properties listed on for less than $400 per week almost halved year-on-year to just 16.2% in April 2023, the lowest share on record.   

“Although the increase to Commonwealth Rent Assistance is the largest in more than 30 years, rent assistance payments have long fallen behind soaring rental prices,” said Eleanor Creagh, Senior Economist at PropTrack.  

“The share of affordable rentals is plummeting, meaning conditions remain challenging for low-income Australians.” 

A year ago, 30.2% of all rental listings were under $400 per week.  

The nation’s rental market was in dire straits, with little sign of meaningful reprieve on the horizon.  

Advertised rents were recording strong price increases and vacancies were at historic lows amid a shortage of rental supply.  

In April 2023, the ACT held the smallest share of rentals priced under $400 per week at just 1.8%.  

Meanwhile, Perth saw its share fall the most, slipping 51.2 ppts or 86% since March 2020.  

The share of total rental listings under $400 per week had halved in Sydney, Melbourne, Brisbane, Perth, Hobart, Darwin, the ACT and regional WA over the past year.  

Pressure has shifted from regional areas to the capital cities – particularly in inner-city areas – as demand from overseas migration increased.  

Strong migration, low vacancy rates and limited new supply meant tough conditions for renters were likely to remain, with the share of $400 per week rentals set to stay low. 

Only 11.9% of capital city rental listings were under $400 per week in April 2023, while 26.6% of rental dwellings in regional areas were under the same price point.  

The share of units for rent have seen the strongest decline, falling from 35.6% a year ago to 19.8% in April 2023. The share of houses was smaller, sitting at just 12.6%.