Renting continues to trend upwards with the 2016 Census data showing that more than 30 per cent of residential properties in Australia are leased.
The proportion of rented properties has increased for the past three consecutive Census surveys, from 27.2 per cent in 2006, 29.6 per cent in 2011 to 30.9 per cent in 2016. The trend is unsurprising as we see the rate of home ownership fall across the country.
When you look at the areas that hold the highest number of rented properties, metropolitan suburbs are among the most prominent. In NSW, Potts Point, Waterloo, Surry Hills, Newtown, Parramatta, Redfern and Pyrmont are among the suburbs that have the most renters – all sitting around, or above, the 60 per cent mark. The Queensland suburbs of Spring Hill, Fortitude Valley, South Brisbane, Southport, Kelvin Grove, Chermside and Coomera all featured, as did Adelaide in South Australia.
We put this trend down to affordability and cost of living in metro areas. Something we’re starting to see regularly within the Belle Property network is growing families renting out their inner-city property, often an apartment, and opting to move to regions where a similar income is on offer, but the cost of housing is far less strenuous, providing a more comfortable lifestyle.
This obviously opens the door for more renters, many of which are young couples moving in together or singles pairing up to afford to live in a property located closer to the city. We expect that the number of renters will remain high, particularly in the areas where new development and infrastructure works come online.