RENTAL prices have risen by 20 per cent in the past five years across Queensland.
Housing Minister Tim Mander told State Parliament on Thursday more than 500,000 people currently live in rental accommodation in Queensland.
"We are currently undertaking a review of the Residential Tenancies and Rooming Accommodation Act to ensure its provisions remain relevant and appropriate to the changing rental sector.
"About 34 per cent of Queensland households live in rented homes.
"Of this, almost 80 per cent rent from agents or private lessors, 12% from social housing providers with the remaining amount made up of other lessors, such as employers."
Mr Mander said the median rental price had risen in Queensland from $285 in 2006 to $350 in 2012.
"The objective of the review is to ensure the act is meeting its objectives of balancing stakeholder interest," he said.
"To ensure there are no legislative barriers to improve service delivery and unnecessary provisions are removed.
"The act in its current form includes provisions that are counter productive and can result in unfair cost to both tenants and landlords."
Mr Mander said the Residential Tenancy Tribunal currently holds more than $750 million in rental bonds which safeguards more than 530,000 properties worth about $160 billion.