Young tenants on Melbourne’s fringe have reported startlingly high levels of rental stress in a new report.
Between 60-70 per cent of respondents to a realestate.com.au survey living in Romsey, Sunbury, Healesville, Belgrave, Mornington and Rosebud said their rent ate up more than 30 per cent of their household income.
The same could be said for 40-50 per cent of Melton, Werribee, Wallan, Whittlesea, Dandenong and Pakenham residents, and 20-30 per cent in Melbourne’s inner suburbs.
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Overall, 40 per cent of 1095 Victorians quizzed for realestate.com.au’s 2019 Renters Report — all of whom were aged 18-39 — reported being in rental stress.
But a quarter also said they’d be “quite happy to rent for the rest of my life” as they enjoyed “the flexibility” it offered.
About a third of Victorians reported living with three or more housemates, likely in an effort to keep their weekly rents down.
At a national level, 3500 young renters were surveyed, with further findings including:
Four in 10 said the competition for homes was the most difficult part of the rental process, with this especially true in Victoria, New South Wales and Tasmania, followed by compiling enough money for the bond;
Rejection was another challenge, with a third of respondents denied for more than three properties; and,
Location was the most important consideration when choosing a home, picked by 51.7 per cent of respondents compared to 33.1 per cent who said price was.
One respondent, 26-year-old Jordan from Melbourne, said: “I want to live in an area that I really love and I think renting is the perfect way to do that.”
Another, 28-year-old Michael of Richmond, said his priority in looking for a rental was finding something “accessible to everything I do in life — close enough to work, close enough to the city, close enough to my friends and easy to get to my parents’ place”.
The survey also delved into the perils of share-house life, finding 44 per cent of young Aussie tenants had moved in with friends they already knew, but almost 40 per cent ended up questioning that decision after living together.
Almost 15 per cent had started a romantic relationship with a housemate.
Disputes over the dishes was the No. 1 cause of housemate stress, while respondents deemed “loud sex” their biggest first-world problem at home.
Other big share-house problems were unpaid rent and property issues or faults.