Half of renters reveal they have no choice or hope when it comes to housing

Half of renters have no choice but to lease, and few hold hope of buying, new research shows.

A survey of Australians by YouGov for the Property Council of Australia found half of tenants said their only option was to rent, and four in ten believe they will not be able to afford to buy a home in the next five years.

The figures come as the Albanese government presents two major prongs in its housing policy to the senate – the Help to Buy and Build to Rent bills.

The Built-to-Rent legislation will incentivise property developers to build properties solely for renting, by offering tax sweetners.

Built-to-rent towers – of which there are a few examples under construction in major capital cities – are produced solely to be leased.

Eight in ten respondents to the survey also felt there was a lack of affordable housing their area and this was the second-greatest life concern, behind the overall cost of living crunch.

In a joint statement, Property Council of Australia, National Shelter and the Community Housing Institute of Australia (CHIA) identified build-to-rent projects as the cheapest and preferred way to add 105,000 rental properties to the nation’s housing pool.

Property Council of Australia chief executive Mike Zorbas called on the senate to support the bill.

“With the right amendments, this legislation is the best and cheapest way for the Federal parliament to add 105,000 new rental homes to supply across Australia over the next decade,” Zorbas said.

Housing Minister Clare O’Neil and Prime Minister Anthony Albanese have also urged the Greens in the upper house – who earlier rallied alongside the Coalition to oppose the government’s housing agenda – to see this piece of legislation through.

CHIA CEO Wendy Hayhurst said passing the bill could “rapidly inject” 1200 homes into the market, as tenants endure steep price increases in a strangled supply chain.

“The Senate has the power to make a real difference this week,” she said. “The housing crisis demands immediate action, and this bill offers a concrete solution.”

John Engeler, CEO of National Shelter, said more build-to-rent projects would improve housing security for “countless” Australians.