Rents To Stay High Rents are tipped to remain high throughout the remainder of 2023 and well into 2024, despite moves from various governments to find a solution. Chief economist at My Housing Market, Andrew Wilson, describes the problem as “intractable” and says the only constraints on rents are tenants’ capacity to pay. Wilson says the introduction of federal and state government incentives to increase supply and add more rental properties to the pool, will take quite some time to flow through to the market and have an impact. “Even then, the planned numbers of new builds are not nearly enough to meet demand,” he says. He says high rents are something we are going to have to live with, and governments can only really help those renters who are marginalized. Head of data and insights at Quantify Strategic Insights, Angie Zigomanis, says it is all about supply and demand and a big part of the demand is the return of net overseas migration.Recent increases in rents mean the share of gross median household income required to service new rents, is now 31% in June. Louis Christopher,
