Australian Renters Seek Larger Properties Despite Rising Costs

Australian renters are facing tough conditions in the current rental market, with record high rents and low vacancies making it challenging to find affordable and suitable properties. Despite these obstacles, new research reveals that renters are still keen on larger properties with more bedrooms.

According to the data, houses with four bedrooms, two bathrooms, and two parking spots were the most viewed among rental listings across Australia over the past year. This configuration was popular in all states except Tasmania and South Australia, where different variations were preferred. For units, the most popular setup nationally was two bedrooms, one bathroom, and one parking spot, with some variations in certain states.

While larger properties are popular among buyers, renters are often forced to compromise due to high rent prices and limited options. The challenging rental market conditions have led 72% of renters to feel the need to compromise on price, location, or features when searching for a rental property. Many renters are experiencing financial difficulties, with some having to move into smaller properties or share houses to make ends meet.

In high-demand areas such as CBDs and popular inner city suburbs, one-bedroom apartments and two-bedroom houses are the most viewed configurations. Smaller rental homes are prevalent in these areas, with one-bedroom apartments being significantly cheaper than two-bedroom apartments in cities like Sydney, Brisbane, Melbourne, and Perth.

On the other hand, affluent suburbs in Sydney's north and east are seeing high demand for five-bedroom properties, with median weekly rents well above the average. In other areas like the Gold Coast and Brisbane, three-bedroom units are the preferred choice among renters.

Overall, the challenging rental market conditions are forcing renters to make compromises and adjust their living circumstances based on affordability and availability. As the rental market continues to evolve, renters will need to adapt to changing conditions and make informed decisions when searching for their next rental property.

Despite the challenges in the rental market, Australian renters are still seeking larger properties with more bedrooms. The demand for different configurations varies across states and suburbs, reflecting the diverse needs and preferences of renters in different areas.