A new report from Rent.com.au showed the top locations where renters can save the most through shared housing.
Renters in these 20 locations can cut their weekly rent by more than 50% by choosing to share a house instead of leasing an entire apartment.
Rent.com.au CEO Greg Bader said it appears shared housing is now back on trend as competition for the limited supply of rental properties intensifies.
"We’ve seen house sharing go through several cycles over the last couple of years — it saw a substantial drop during COVID as people began working from home and prioritised having their own space,” Mr Bader said.
“What we’re now seeing is a real broadening in the market, with people from all age groups embracing house-sharing.
"While cost is still a major driver, the trend also caters to those seeking to maintain their preferred lifestyle, including living in an area they love.”
Here are the top locations for shared housing according to Rent.com.au:
|
Location |
Median Weekly Rent ($) |
Shared House Savings per bedroom |
|||
|
One-bedroom |
Two-bedroom |
Three-bedroom |
Four-bedroom |
||
|
Laverton, Vic |
295 |
360 |
340 |
400 |
55% |
|
Lidcombe, NSW |
500 |
590 |
570 |
670 |
55% |
|
Annandale, Qld |
340 |
525 |
430 |
515 |
55% |
|
Carey Park |
290 |
380 |
400 |
350 |
54% |
|
Rivervale, WA |
420 |
475 |
480 |
580 |
54% |
|
Cloverdale, WA |
400 |
435 |
450 |
550 |
53% |
|
Hampton Park, Vic |
330 |
380 |
400 |
450 |
53% |
|
Caroline Springs, Vic |
350 |
410 |
420 |
490 |
53% |
|
Parramatta, NSW |
470 |
540 |
550 |
675 |
52% |
|
Broadmeadows, Vic |
280 |
360 |
360 |
400 |
52% |
|
Boyne Island, Qld |
300 |
400 |
390 |
440 |
52% |
|
Glen Vaverley, Vic |
430 |
480 |
500 |
620 |
52% |
|
Rockingham, WA |
360 |
380 |
420 |
500 |
52% |
|
Granville, NSW |
440 |
460 |
530 |
600 |
51% |
|
Lalor, Vic |
325 |
365 |
390 |
470 |
51% |
|
Braybrook, Vic |
320 |
390 |
380 |
500 |
51% |
|
Williams Landing, Vic |
350 |
390 |
440 |
480 |
51% |
|
Nollamara, WA |
350 |
420 |
450 |
500 |
51% |
|
Sydenham, Vic |
320 |
360 |
400 |
450 |
51% |
|
Sunshine West |
310 |
350 |
380 |
450 |
51% |
Mr Bader said the benefits of shared housing go beyond cost savings, as it provides renters opportunities to expand their social circle and foster a sense of community, particularly for newcomers to a location.
“However, it's important to approach sharing with the right mindset and be prepared to compromise,” he said.
“Splitting rooms, parking, and chores can be a challenge, but with the right approach, you could save money on rent and make lasting friendships.
"Remember, sharing isn't for everyone, but it's worth considering for those looking to cut costs and build connections.”
Rental market tightening since 2021
The recently released information paper about the rental market from the Australian Bureau of Statistics showed that rents have been increasing across inner-city and regional areas throughout all states since 2021.
As of February 2023, the ACT has the highest median weekly rent at $560 while South Australia has the lowest at $380.
Interestingly, while rents in properties close to CBDs started to increase in 2021, rents in many inner-city suburbs in Melbourne and Sydney have yet to reach pre-pandemic levels.
Still, rent increases have become more common and larger on average, particularly for the 2% to 3% of properties each month that have changes in tenants.
In fact, actual rents paid by new tenants increased by 14% over the year to February 2023, which is 9 percentage points higher than the increase in the monthly CPI indicator rent index that measures all rents, including existing tenants.
While rent inflation seemed to have picked up across the market, larger rent increases were more apparent for properties with new tenants.
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Photo by recep-bg on Canva.
