Interest rate rise will hit renters in NSW hard and push more families into housing crisis

Media release

07 February 2023

The interest rate rise announced by the Reserve Bank today will put even more pressure on renters across NSW, said the Community Housing Industry Association NSW (CHIA NSW).

“Today’s announcement on interest rates will impact thousands of families renting in NSW who are already struggling to make ends meet and keep a roof over their head,” said Mark Degotardi, CEO of CHIA NSW and spokesperson for the Confront the Crisis campaign.

CHIA NSW said that landlords are often passing the interest rate rises on to renters, and that this combined with low vacancy rates and already high rental prices is forcing families to make impossible choices.

“The social housing waitlist in NSW increased by more than 7,000 families in the last year alone. Vacancy rates are at a record-low. So when families are told their rent is going up, they’re forced to choose between forking out more than they can afford to keep their home, or to face homelessness,” said Mr Degotardi.

“The fact is, we don’t have enough social and affordable housing in our state. We are in a crisis, and the interest rate rises are adding fuel to the fire,” Mr Degotardi said.

“Our leaders cannot continue to ignore the housing emergency. With the state election just around the corner, it’s time they stepped up and made clear commitments to confront the crisis.” Mr Degotardi said.

Media Contact: Tanya Evans, 0424 156 146