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REINSW launches Rent Crisis Action campaign

The Real Estate Institute of NSW (REINSW) has launched a campaign to address the housing crisis affecting tenants and property owners in Australia. 

The Rent Crisis Action campaign aims to bring a balanced discussion to the issue by hearing from property managers and residential property investors. 

REINSW CEO Tim McKibbin urged property owners to share their views on the current state of the housing crisis, as well as their thoughts on policies and legislation affecting the availability of rental supply.

He said the campaign was about bringing balance to the issue so that the Government and Opposition can form an appropriate long-term view to address the crisis. 

“The tenant perspective is well represented in the public domain, as it should be,” he said.

“However, a healthy market is a balanced market, and this requires balance in enabling the views of all stakeholders to be heard. That’s what this campaign is about.

“Everyone recognises the lack of rental accommodation is at crisis point. 

The potential consequences for people at risk, and who can’t find a home, are tragic. 

“Yet to date, the solutions presented to the community to apparently address the shortage are driving the very people who provide homes to rent from the market.

Mr McKibbin noted that seeking to impose caps on rent as repayments cost spiral, seeking to remove the rights of landlords to refuse pets in their property no matter how ill-equipped it may be for animals, and the ongoing labelling of property investors as ‘greedy’ was driving people away from investing in residential property. 

This results in fewer choices for renters, and investing in residential property is increasingly becoming less attractive.

“It’s a simple premise which is being ignored,” Mr McKibbin said.

“If you need more homes for people to rent, you don’t disincentivise people from providing those homes. 

“It’s important to remember not everyone is in a position to buy a home. For many people, renting is either preferred or necessary. 

“But they need choice. If investing in residential property becomes less attractive, those people will have fewer choices than they have now.”

Mr McKibbin said politicians were making announcements with a short-term mindset – the election- but the housing crisis was a long-term problem that needed long-term, holistic thought and solutions.

“Targeting and even demonising one part of the market in a short-sighted attempt to appease another is not working,” he said.

“Residential property investors are leaving the market and would-be investors are choosing to put their money elsewhere. 

“And tenants are losing out. This is a point everyone can agree on.”Property managers and investors can fill out the survey to be a part of the campaign and have their say at rentcrisisaction.reinsw.com.au.

You can also read our special report on the rental crisis:

A perfect storm: Australia’s rental crisis – part one

A perfect storm: Australia’s rental crisis – part two

A perfect storm: Australia’s rental crisis – part three

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Kylie Dulhunty

Kylie Dulhunty is the Editor at Elite Agent.

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