Multi-family households now 20pc of rental applications, says realtor
Families are moving in together in a desperate attempt to secure rental properties, a move experts warn will become more common in a market focused on home ownership.
In the current rental market, multigenerational households and groups of friends make up one in five rental applications, according to a Brisbane real estate agent. Renters like Grady Toomath are forced to live with multiple housemates as tight supply drives up prices. Toomath, who has been living in his current home since 2019, notes that rent has surged 141 percent over seven years, increasing from $315 to $760 per week.
Real estate agents report a significant shift in household units, with couples and families applying together for properties. The trend is attributed to changes in tax policies, such as negative gearing and capital gains tax, which have reduced the supply of rental properties. Federal and state governments provide incentives for homebuyers, but renters have been overlooked, according to a senior lecturer in property economics.
The national rental vacancy rate is at 1 percent, with severe supply shortages in capital cities outside of Sydney and Melbourne. Dr. Bryant suggests that social and community housing only accounts for 3 to 5 percent of the total housing stock, leaving a significant gap for renters.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
