Housing affordability is improving -- but it's not the same story for renters

New CoreLogic data for the fourth quarter of last year, shows falling property values, rising incomes and lower mortgage rates have seen affordability at its best level since pre-Covid.

But renters are still facing some strife, with the rent-to-income ratio at a record 28 percent.

Chief property economist Kelvin Davidson, says this is due to previous increases in rents.

He says rents tend to flatten off more than fall -- and that's what seems to have happened over the past year and a half.