When it comes to finding their dream home, young Australian renters seem to care most about location, location, location.
Despite widespread rental stress, particularly in Sydney and Melbourne, many renters are prepared to sacrifice a sizeable slice of their monthly earnings to be able to live in their preferred location.
A recent rent survey by realestate.com.au and Pedestrian.TV found more than half (51.7%) of Aussie renters believed location was the most important consideration when choosing a rental property, while a third (33.1%) felt price was the most vital issue.
The majority of 18 to 39-year-old respondents were prepared to trade both the quality and style of a rental for a desirable postcode.
Michael, 28 from Richmond in Melbourne’s inner city, said he was looking for something “accessible to everything that I do in life.”
“So, something that is close enough to work, close enough to the city, close enough to my friends and easy to get to my parents’ place,” he says.
In NSW, 40.8% of renters live with three or more housemates, while in Victoria and Queensland it’s 35.4% and 34.8%, respectively.
Reaching out to their social network appears to be a popular method for seeking housemates – 44% moved in with friends they knew beforehand, but sadly, 39.7% lost a friendship after living together.
Much like dating, this can be a ‘make or break’ experience.
And while 20% of respondents would be happy to rent forever, the majority of young renters still dream of being able to own their own home.
However, only two in five were prepared to move back home with their parents to save money.
The average Aussie renter is predominately female, aged 25-29, with an annual income of $50,000. They mainly live in Sydney (32.8%) and Melbourne (31.1%) – with 33% living with a partner and 30.9% living alongside 3-4 housemates.
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Realestate.com.au partnered with Pedestrian.TV for the 2018 Rent Survey, to gain insights from 18 to 39-year-old renters across the country.