A new report has revealed some shocking numbers about Logan’s rental vacancy rates.
And according to housing industry authorities, 2023 won’t be any better.
REIQ’s Residential Vacancy Rate Report for the December 2022 Quarter, shows that Logan’s vacancy rates have been on the decline since the start of Covid in 2020.
Since the September quarter in 2021, the percentage of vacant properties for rent has more than halved.
Since the last quarter of 2021, rates have been less than 1%, hitting an all-time low of 0.6% in the three months to June 2022.
REIQ CEO, Antonia Mercorella said 2023 will see the same stubbornly tight conditions.
“Our state will continue to feel the impact of population growth with very strong interstate migration as well international migration including students set to return in force to the southeast corner,” she said.
“Queensland is crying out for additional housing supply to ease the tight conditions but building costs and planning red tape are putting the brakes on new construction, while higher costs, more challenging lending conditions, and reduced legislative rights are deterring vital private property investment.”
With government housing and shelters overwhelmed with people in need of help, Logan families are feeling left with nowhere else to go.
Logan resident, Ann Maree has been trying to find a rental for her family of five for more than six months now.
“The lease on our previous property was coming to an end, we wanted to stay but the owners bumped the rent up so we couldn’t afford it,” she said.
“Unfortunately, we couldn’t find anything in time, and we have had to move in with family.”
She said something needs to be done before more families are thrown out on the streets.
“Like many areas of Queensland, Logan is in a bad housing crisis and if you do find something is often out of your budget which means you are sacrificing other things like food and other necessities to have a roof over your head,” she said.
“Council and government need to do something, people are going homeless, can’t they see what the rising cost of living is doing to people?”
