Struggling Aussie renters forced to turn to friends and family as vacancies dry up
Renters are resorting to desperate measures in order to get a leg up in an increasingly tight rental market, new research reveals.
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Aussie renters are resorting to desperate measures in order to get a leg up in an increasingly tight rental market, new research reveals.
Nearly a third of struggling tenants have turned to a friend or family member to secure a place to live, according to new research by Finder.
And a surprising 16 per cent of tenants surveyed found they have rented a property owned by a friend or family member as they contend with limited vacancies.
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The research found a further 12 per cent of tenants secured a lease because they knew the landlord, as renters struggle to combat a nationwide rental shortage.
According to the latest Proptrack rental report for the March quarter, the rental crisis has deepened in our capital cities, with total stock at historic lows and demand surging.
The PropTrack Market Insight Report shows the national rental vacancy rate was sitting at 1.5 per cent in March 2023, down from 1.8 per cent in March 2022.
It comes as a further blow to Melbourne tenants as renters are likely to be the unwitting victims of the Andrews government’s Covid Debt Levy, with changes to land tax set to raise costs for Victorians owning investment properties.
The Finder survey of 607 renters revealed Aussies take an average of 10 weeks to secure a rental property, while it took 12 per cent of current tenants more than six months of searching to secure a tenancy.
“It’s becoming increasingly difficult to find a tenancy – renters are having to exploit any advantage they can,” Money expert at Finder Sarah Megginson said of the findings.
“Some people are having to sleep in their cars or tents because of how hard it is.”
“With vacancy rates low, rents and wait times high, the decision to ‘just move to a cheaper rental’ isn’t as simple as it used to be.
Ms Megginson pointed out that that there are still ‘a few tricks’ that struggling renters could use to get priority in the rental market.
“Ask around your networks to see if they know of any rental opportunities where you may get the inside scoop – and pay less than you’d pay than the market,” she said.
“You never know whose parents or aunty or boss might have something available.
“Give them or their agent as much information as you can to make your application as easy as possible to approve.
“A one-page resume that outlines your personal attributes can help to put a ‘face’ to your application so you can cut through in a very competitive market.”
Experts have shared mixed opinions on ways to fix the rental crisis gripping the nation, as calls are being made for urgent changes to the rental market amid revelations most investors support tenants’ rights — but other factors are a disinvestment ‘trigger point’.
Newscorp Australia revealed this week that some Aussies are now paying a whopping $32k extra a year in rent as the cost of living crisis worsens, with some apartment owners ‘playing catch up’ to raise rates extraordinarily quickly.
And renters are finding it difficult to contest their rate rises, as a young Sydney woman that became the face of Australia’s housing crisis this week revealed the “interesting” outcome she had after she challenged a whopping $1400-per-month rent increase earlier this year.
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brendan.casey@news.com.au
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Originally published as Struggling Aussie renters forced to turn to friends and family as vacancies dry up
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