What broke the rental market (and can it be fixed)? | ABC News In-depth

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people—at least in California, where I currently reside—are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

Can't believe am saying this, but £1900 a month wasn't even that bad. Also, my friend just heard back for 3 apartments for the housing lottery. We work for the city. I had to convinced her to take one after she turned a previous offer a few months ago. She currently pays a little under 1700 a month for a 2 bedroom in Flatbush and this one would cost almost 2500. Obviously that's a huge increase but with the conditions of the apartment, the neighborhood, and a landlady who's mostly unresponsive, I think the increased is worth it

I like how in the first NYC studio the lady wouldn't even give a ballpark number on cost of rent because she knew it was that ridiculous.

Elephant in the room: 600,000 students and immigrants into Australia past 12 months. Double previous years. They all need places to live, so of course rents have soared. Ridiculous ignoring this.

I hate how houses are seen as investments instead of a basic need. Edit - I am not saying houses should be free. They should be affordable for people on an average wage. Home ownership shouldn't be seen as a luxury or a high paying investment. They should be seen as just a home.

It's worrying that big financial firms could own 40% or more of homes, squeezing out the middle class. Most folks should hold onto their homes if they can. I'm thinking of buying cheap houses in 2024 and maybe trying stocks too. When's the best time for stocks? Some say it's profitable, others say it's risky. Any advice?

Why not do the study in a German city where there is rent control? I live in Berlin and my rent has not changed for 6 years and it cost 5% of my income. In Germany, housing is a fundamental right. Nobody talks about mortgages, house flipping, investment properties like my friends do in Australia. Time to make some tough decisions.

Interesting in terms of describing the problem but with some omissions. One reason why rents in Tokyo have not been rising as much is because of declining population and thus declining demand. Unlike other countries, Japan strictly limits immigration, so the population continues to decline and age. Also, as other commenters have mentioned, the show omits any mention of AirBNB, which has been a disaster for housing supply. Finally, the elephant in the room, the inequality in terms of property ownership. The rich are buying up property because they can buy outright, or can afford big deposits. Of course there should be a massive investment in public housing but there should also be a wealth tax, and get rid of negative gearing.

Unfortunately, this report doesn’t really scratch the surface of what it’s really like to rent in Sydney. Anyone renting in Sydney knows that the advertised price means nothing, agents just keep it low to get huge crowds through the door. I’m lucky that I’ve not had to look for a new rental for years, but almost everyone I know rents, and the only way to “make your offer stand out from the crowd” is to offer a lot more than is being advertised, and to pay a few months upfront in advance.

Lived (and rented) in Tokyo for three years - for a while lived in an apartment of 18 square metres. It was basically a walk-in wardrobe with a kitchen and bathroom but it was close to the financial district where I worked and rent was the equivalent of AU$200 a week. After that, moved into a 4 bedroom apartment with friends - the rent was ridiculously cheap because it was across the road from a graveyard. Seriously. Ghosts are so deeply entrenched in traditional folklore that, even now, superstition affects the desirability of real estate - very few Japanese people were willing to live near a cemetery because of the restless spirits of the dead Contrary to what I had been told about Tokyo before I moved there everything is a lot less expensive than in Sydney. And a million times more efficient.

I can’t close my bathroom door because the frame has warped…… also my rent went up by 40%. I was born in this country but I don’t really feel like I belong here anymore.

I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.

It’s not a rental crisis, it a morality issue, it’s a GREED crisis

Negotiating for a room with a fridge. When an agent tells you the main feature is a window you know we are better off dead lol

In 1984 I lived in Randwick, Sydney. 4 of us lived in a 3 bedroom house with a big backyard and the rent was $82 a week, I had the smaller room so I was paying $18 a week. In 1991 before I finally said goodbye to Oz, I was living in Bondi sharing a very dated 2 bedroom apartment with 5 others, the rent was $240 a week. We had a change in Government during that period. In 2018 I worked with an architect to build my own home, 180 sq. meters, triple glazing, excellent insulation, 11kW solar on 1/2 acre for $500K, and yes you guessed it, it was not in Australia.

They needed to go into some of the corrupt practices being exercised by some real estate agents in Australia and the very poor quality of a lot of the houses, especially the dangerous mold issues a lot of tenants are being forced to live with. Not to mention the huge jump in rental prices...we're not talking $20-$30/week increases, some people have had increases of $200-$500/week!

many policymakers are also property investors (directly or indirectly) so the current situation benefits them

essentially ALL the 'pandemic' money (uk, usa, australia, canada et al) ended up in the pockets of the richest folks on Earth (shareholders of corporations). Due to low interest rates they then used these massive windfalls of printed money to buy assets...including Australian housing stock, which, unlike American and Canadian housing is wide open to all foreign buyers.

Surprised that a Canadian city didn't get a comparison as it is a place often compared with similar quality of life to Australian Cities. Vancouver and Toronto rents are eye watering. Vancouver has just breached an average rent cost of $3000/month for 1 bed apartments.

In the US ppl buy a house, do some upgrades to increase its value, then use the increased value to finance another property. This creates a glut of unaffordable housing and pushes non investment buyers out of the market.