New rental data demonstrates extent of crisis
MEDIA RELEASE: New figures from the Rental Bonds Board overlaid with immigration data for NSW shows that each month, the number of people who fail to secure a rental grows by about 15,000. The Real Estate Institute of NSW (REINSW) says the housing system is broken and while a fix is a long-term prospect, there are immediate actions the Minns Government can – and must - take.
Analysis of the number of bonds held by the NSW Rental Bonds Board shows that, as at 31 March 2024, there were 970,428 rental properties in the state, with each bond held representing one property rented.
As at the end of September last year, the number was 966,172, equating to an increase of 4,256 homes rented in the past six months, or 709 per month.
The most recent ABS migration figures (up to the September 2023 quarter) show that the net number of additional people who came to NSW from overseas in the year was 186,433. This equates to a net increase of 15,536 people each month, all looking for somewhere to live.
REINSW CEO Tim McKibbin says the gulf between these numbers lays bare the crisis.
“Each month the number of people seeking but unable to find a home to rent compounds. It’s a situation which presents a clear threat to the health, safety and well-being of so many, and the number continues to grow,” Mr McKibbin says.
“The consequences are far-reaching. More and more people living in their car or on the street. Young people abandoning the state in search of an affordable home elsewhere. Essential workers finding it increasingly difficult to call NSW home.
“Debates about ‘reasonable grounds’ evictions, rent caps and other manufactured attempts to position renters against landlords are a distraction from the unambiguous truth of the crisis.
“The more investors choose to put their money into other assets, the fewer homes there are for people to rent. There were plenty of auctions across Sydney on the weekend but among buyers, there was barely an investor in sight.
“What we need is courage and leadership and while a solution to the crisis is a long-term prospect, there are short-terms options available.
“To promote and protect renters’ rights we need the Minns Government to encourage investment in residential property.
“To local Councils fighting hard against housing reforms, we need the Minns Government to say: ‘these are our service-level expectations of you and if you don’t meet them, we will relieve you of planning control’.
"We must immediately reduce the cost to deliver new housing, which means we need the Minns Government to urgently address property taxation.
“The state’s housing system is not approaching a breaking point. It is already broken. So we need to ask our Premier: what’s the plan to fix it?”
Tim McKibbin, Chief Executive Officer
REINSW Mobile: 0415 931 013 | [email protected]
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About REINSW
The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate and property professionals in NSW. It represents more than 2000 agencies across residential sales, property management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offer training and ongoing professional development. For more information, visit reinsw.com.au.
