Relentlessly rising rents, eight consecutive interest rate hikes, surging living costs and devastating natural disasters in the past few years have inflamed what was already among the world's least affordable rental markets. In Demographia's International Housing Affordability report this year, Sydney ranked the world's second-least affordable market, behind only Hong Kong. Australia's worst floods on record in the east of the country earlier this year destroyed homes and forced about 40,000 people to evacuate, adding to the housing crisis. SEEKING SOLUTIONSProperty owners say rising costs are forcing them to raise rents. Trina Jones from Homelessness New South Wales said for the move to be successful, homes need to be representative of social and affordable housing, and not aimed at making profits.

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