A dark red spot on the map gives renters an ‘ouch’ rating of 80, meaning high rental increases and a high proportion of salary spent on rent. The ouch rating drops as the colours lighten from orange through to yellow.
Here in Aspley and Zillmere, the colours indicate a pretty big boo boo: a Rental Pain Index of 80. We have seen rental increases of around 10 per cent over the past year and tenants are putting 34 per cent of their income towards rent.
Chermside renters don’t have it much better with rent increases of 9 per cent over the past year and 37 per cent of income going towards rent.
But neighbouring Geebung and Wavell Heights are where the yellow is at. Geebung has a Rental Pain Index of 46, with rents increasing by 7 per cent in the past year and tenants spending a quarter of their income on rent.
Wavell Heights is celebrating one of the lowest Rental Pain Index scores in Brissie of just 14. Rents have held steady for the past year and tenants are paying 22 per cent of income on their rent.
So the data tells you it pays to shop around when seeking the best bang for your rental bucks. But pain is relative and depending on income, one person’s rental pain could be another person’s pleasure.
So talk to local agents to get the best idea of rentals within your budget, and if you’re keen to escape the rental race, talk to an independent mortgage broker or financial advisor to map a path to home ownership that’s achievable for you.
Want more pleasure from your property? View our current listings for sale or check our listings for rent.
