Rental affordability has somewhat stabilised in Brisbane after rapid declines in recent years - but it remains at record lows, according to the 11th annual National Shelter-SGS Economics and Planning Rental Affordability Index released today.
The index, which compares rents to incomes, found Brisbane's affordability declined 2% in the past 12 months following a 24% drop from 2020 to 2024.
The Rental Affordability Index now includes Housing All Australians as a key partner, reflecting the critical role of business and public-private partnerships in addressing the nation's housing crisis.
Brisbane's median rent of $643 now consumes 29% of the median rental household income, up from 22% five years ago. This puts even moderate-income earners on the cusp of rental stress.
For a single pensioner, the situation is dire, with rents Critically Unaffordable, and the picture is not much better for pensioner couples, single people on benefits, or single part-time worker parents on benefits – all facing Extremely Unaffordable rents reaching into the 50-70% share of income range and above.
Affordability in the rest of Queensland has continued to decline faster than in the capital, dropping 3% over the past year and reaching a new record low. This makes Regional Queensland the most unaffordable region in the country.
"It's encouraging that rental affordability is stabilising for some income groups in Queensland. But while some green shoots are finally showing, affordability still remains at record lows, hitting people on low incomes the hardest. We also know that rental stock availability remains very low, with the state's vacancy rate stagnant at 1%. Low-income households are most impacted by this, and key workers and families who have never struggled before are now at risk of homelessness," said Q Shelter CEO Fiona Caniglia.
Q Shelter maintains that rent increases should be limited to inflation to prevent excessive hikes that push households into housing stress. We need to incentivise long-term rentals, such as affordable Build-To-Rent, to diversify the rental market and reduce our reliance on mum-and-dad investors, who provide the majority of rental properties. The Queensland State Government should continue investing in tenancy sustainment programs to help renters keep their homes and support broader housing system reforms, such as direct investment in social and affordable housing.
Ellen Witte Principal at SGS Economics & Planning said: "Rental affordability has stabilised in Brisbane as supply chain constraints and the influx of interstate migration to Queensland have eased.
"However, most areas across the city are 'Moderately Unaffordable' to 'Unaffordable', particularly inner Brisbane and coastal suburbs. Renters must look as far as Ipswich or Logan City, at least 10km from the CBD, to find 'Acceptable' rental options."
The report found a full-time hospitality worker would have to pay 41% of their income for a median one-bedroom apartment in Brisbane.
Robert Pradolin, Founder & Executive Director of Housing All Australians, which has recently become a partner in the Affordability Index, said the rental crisis was having a major negative impact on Queensland's economy and communities.
"From cafes and hotels to hospitals and childcare centres, businesses across Queensland are struggling to find staff because there's nowhere affordable for them to live nearby," he said.
"Housing that people can afford is absolutely critical economic infrastructure and without it Queensland's productivity is being held back. Governments can't fill our housing shortfall on their own and so innovative public-private partnerships will continue to play a vital role."
