Real estate mogul John McGrath is warning that the rental crisis will only worsen.

A survey of the Australian rental market has revealed that there are now only 49,000 vacant private rental properties in Australia to cater for the population.

Mr McGrath told Chris Smith it will be a couple of years before we see any improvement.

“There’s going to be a real shortage of new developments … so unfortunately it’s going to get worse before it gets better.

“There’s no quick fix.”

Press PLAY below to hear John McGrath’s warning

Image: Getty