Frightening new statistics suggest rent prices are set to rise by up to 50% over the next four years. A new study from Australian Property Monitors (APM) has suggested these figures are very real predictions for the immediate future.
“This is not good news for renters … we advise renters to lock in their current arrangements for as long as they can,” APM general manager Michael McNamara cautioned recently. These alarming predictions may suggest that renting will match that of mortgage repayments.
For those unable to afford a mortgage and have alternately turned to renting, it provides a very worrying picture for the next five years. This can only serve to put increasing pressure on living arrangements, with young people moving out of home feeling the brunt of the rising costs.
Managing Director of the Australian Lending Centre Chris Riotto conceded this week “This is heralding a new age of Australian home ownership with more and more people nation wide being shut out of the property market. Our range of services may assists people from all walks of life, young, self employed and those high credit risk to buy a home”