Things to Know About Rental Stress
We get so stressed about so many things. Work deadlines, family matters, bills—they can be overwhelming! There’s just so many to think about. For the past few years, one of the main stressors has to do with rent.
According to recent reports, hundreds of Australians are facing rental stress because of the challenges they are facing in terms of paying the rent. A new report from Productivity Commission states that “600,000 households struggling to afford rent, 170,000 families have just $35 a day or less after paying rent”. Just by looking at the numbers, you can definitely tell that it’s causing a problem. Unfortunately, it seems like these challenges won’t end anytime soon.
Housing unaffordability is one of the biggest issues Australia is facing right now. Low-income households are opting to rent than actually purchase because they just couldn’t afford it at the moment. Also, “More families with children, Australians with disabilities and retirees are also renting.”
The rental stress among Australians has increased overtime that even four years later, the stress is still very much prominent especially in low-income renters who rent in private rental accommodation.
According to the same study by the Productivity Commission, lower stress levels were seen on those who have been able to find another job with higher pay. This means that one of the best options for those who want to be able to afford rent and in that case, escape the stress from the rental is to actually find a job that will pay a higher salary.
What else can aid people to escape rental stress?
There’s a program called the CRA or Commonwealth Rental Assistance which is a non-taxable income supplement payable to eligible people who rent in the private rental market or community housing. There are eligibility requirements to qualify for assistance. For the full list, click on this link. However, reports said that while it is extremely helpful in lowering rental stress among renters, it has unfortunately been falling behind. The main role of the CRA to renters is to provide rental assistance but it has been said that the number of Australian renters who are receiving the maximum payment is increasing; that’s about over 80%, a 57% increase from 2001.
The current housing affordability crisis in Australia remains to be a huge barrier among renters and homeowners. This made the rental stress even worse, and It’s important to make changes. Such as a need to for the CRA needed to be increased by at least 30 percent, or $20 a week.