Why are more Aussies choosing to rent?

April 11, 2024

With approximately 30% of all Australians now living in rental properties. According to ABS Census data, the rental population in Australia has grown steadily since 1991, while home ownership rates have declined slightly. But why are more Aussies choosing to rent?

Let’s explore the pros and cons of renting and why it’s becoming an increasingly attractive option for many.

Pros of Renting:

Live Where You Want: Renting offers the flexibility to live in an area you love, even if buying into it isn’t feasible. Enjoy the lifestyle of your dreams without the commitment of a mortgage.

Fewer Maintenance Costs: Say goodbye to repair bills and maintenance headaches! Renting means the landlord is responsible for property upkeep, saving you time and money on maintenance expenses.

Rentvesting Opportunity: “Rentvesting” allows you to own an investment property in a more affordable location while renting elsewhere. It’s a smart strategy to enter the property market and build wealth.

Flexibility to Move: Renting provides the freedom to move houses, neighbourhoods, or even cities without the hassle of selling a property or paying stamp duty. Adapt to life changes with ease.

Cons of Renting:

Limited Property Changes: Tenants typically can’t make significant changes to the property without the landlord’s permission. However, you can still personalize your space with decor and furnishings.

Potential Disruption: Landlords may decide to sell or renovate the property, requiring tenants to vacate. While adequate notice is required by law, it can still be an inconvenience.

The Value of Being a Renter:

Good tenants are highly valued in the rental market. By paying rent on time and maintaining the property, you become an asset to your landlord. Long-term renters who care for the property often enjoy stable rent prices and positive landlord-tenant relationships.

Renting offers flexibility, affordability, and convenience for today’s Australians. Whether you’re a young professional, a growing family, or someone looking for a lifestyle change, renting provides a viable housing option. Embrace the benefits of renting and make your rental property feel like home. Remember, it’s not just about where you live—it’s how you live.

If you have any questions or need assistance with your rental property, please don’t hesitate to reach out to us. We’re here to support you every step of the way.