New CPI figures reveal highest increase in rental prices in more than a decade, showing urgent need for social and affordable housing

Media release

25 October 2023

New consumer price index (CPI) figures released today have shown rising rents are one of the biggest contributors to the rising cost of living.

The data revealed rental prices across Australia have risen by 7.6 per cent annually, the largest annual rise since 2009. In Sydney, these figures are even more dire, with an 8.6 per cent annual increase in rental prices.

The Community Housing Industry Association NSW (CHIA NSW) said that the figures show investment in social and affordable housing is an urgently needed measure to address rising CPI figures.

“One of the key reasons for the increase in rental prices is the record-low vacancy rates we’re seeing across the country. In short, there just aren’t enough homes available, and it’s driving up the prices,” said Mark Degotardi, CEO of CHIA NSW.

“Families are under enormous financial pressure with rising rents a key factor.  Demand for more affordable rental housing is soaring and the community needs stronger responses from Government.” Mr Degotardi said.

CHIA NSW said all levels of Government need to take urgent action.

“It’s at crisis point here in NSW. There are 56,000 people on the social housing waitlist in our state, and many are waiting more than ten years for any kind of help,” said Mr Degotardi.

“The Federal Government has launched the Housing Australia Future Fund and now the Minns’ Government needs to play its part by  investing in the social and affordable housing our state needs and by working with the planning system and local government to start getting homes on the ground.”

“Not-for-profit community housing providers want to be part of the solution for the cost-of-living crisis, but we need the State Government to come to the table and partner with us to get the job done,” said Mr Degotardi.

Media Contact: Kayla Foster, 0447 040 029