THE median rent in Swan Hill has increased in the past year from $370 to $420, making it the region with the highest year-on-year increase in rent in regional Victoria at 13.5 per cent, according to new data from property website Domain.
Domain’s June report also found that there had been a 40 per cent increase in the Swan Hill median rent from $300 since 2019.
Along with cost-of-living pressures, rent increases had led to more housing insecurity in the region.
Local community and affordable-housing provider Haven Home Safe has seen an increase in the number of people seeking support for their services in Swan Hill.
As rising rental costs add to cost-of-living pressures, Haven Home Safe’s head of engagement and support services Rachel Gellatly said staff had reported a change in demographics accessing their services.
“In Swan Hill, where our staff provide the Rough Sleeper Assertive Outreach Program, they are reporting seeing changes to the demographic of people they support with more younger people, families and men,” Ms Gellatly said.
“Many of the clients we speak with say that private rental unaffordability and access is what has led them to sleep rough.”
Ms Gellatly said Haven Home Safe is continuing to call for more social and affordable housing in regional Victoria, as well as more funding in the region to ensure adequate support in delivering services to rough sleepers and homeless people in the community.
“Not having a safe and affordable place to call home is a heart-breaking reality for too many people and we must do more,” Ms Gellatly said.
The latest Rental Pain Index report by Suburbtrends provided a snapshot of the the nation’s rental market and perceived rental stress.
Rental pain factors in changes in rent, vacancy rates, advertised rentals, change in vacancies and rental affordability to give each suburb or area a rating out of 100.
The higher the number, the greater the rental pain. Swan Hill ranks 85 on the index.
Anything higher than 75 is considered an “extreme” or “critical” level of rental stress.
On average, 25 per cent of residents’ income is going towards rent.
With rental costs rising all over Victoria, Suburbtrends founder and analyst Kent Lardner said more needed to be done to ensure long-term rental affordability.
“The impact of high rents on household budgets is profound. Many families are forced to allocate a substantial portion of their income to housing, leaving little room for other essential expenses. It is crucial for policymakers to focus on reducing rental costs to sustainable levels,” he said.
