With plenty of Australians renting in this current housing market – 31% according to the ABS – we sought to understand the key reasons why renting works for many and what they enjoy about it.[1]
Budget Direct surveyed 980 Australian renters over 18 to find out their top tips and perks that keep them renting.
Quick Stats
More than half of those surveyed said no maintenance costs were the biggest thing that attracted them to renting.
The great Aussie share house is no longer—Australians who rent are toughing it out either alone, with family members, or with a partner.
A significant 30% said they had been living at their current address for five or more years.
In South Australia, almost 50% have rented at their current address for five or more years.
It seems having your own space within your rental is the key, with more than 55% of respondents agreeing.
The Great Aussie Share House is No Longer
What is your current living situation?
Gender
It seems that Australians who rent are either alone, with family members, or with a partner – only 11% of respondents in this survey renting with roommates.
For their current living situation, more than 33% live with a partner, 25% live with family, and 28% live alone.
How many people do you currently live with?
Gender
For a household breakdown, most renters live with two people (33%), followed by living alone (27%). For three or four people renting together in one household, this was the living situation for only 18% and 14% of respondents.
This seems to be a consistent trend, as the Australian Bureau of Statistics (ABS) recorded in 2019 that the average number of persons per household was 2.6.[1]
Only 9% of survey respondents lived with five or more people under one roof.
Perhaps living with yourself or one other person is the secret to happy renting!
Renters Have Peace of Mind
How long have you been renting at your current address?
Australia
When asked how long they had been renting at their current address, 33% said between one and three years, but a significant 30% said they had been living at their current address for five or more years. This suggests long-term rental security is thriving.
Almost 21% of respondents have however lived in their current place of residence for less than a year.
State
Those surveyed in New South Wales are moving around the most, with 23% having rented at their current address for less than a year.
Of those renting in Victoria, 35.4% have lived at their current address for one to three years.
In South Australia, a whopping 46% have rented at their current address for five or more years.
In second, 31% of Victorian renters who completed the survey have lived at their current address for five or more years, closely followed by Queenslanders at 30%.
Age
Of those aged 18-27 currently renting, 39% who completed the survey have moved home within the last 12 months.
Of those between the ages of 48-57 and 58-67 currently renting, 44% and 46% had lived in their current place of residence for five or more years.
Aussies Aren’t Hopping Around
How many rentals have you lived in?
Australia
There were 35.8% of respondents who said they had lived in one to three rentals, and 11% said they were first-time renters.
Up to 27% of survey respondents said they had lived in four to six rental homes.
Only 15% of respondents said they had lived in more than 10 rental homes, with 11% stating they had lived in between seven to nine.
No Maintenance or Responsibility The Perks of Renting
What are the perks of renting?
Australia
No maintenance costs |
51.9% |
Less responsibility |
41.8% |
No additional property rates and taxes |
40.4% |
More flexibility |
32.1% |
Live in a desirable suburb |
29.4% |
Cheaper upfront costs/fixed rent |
28.2% |
Able to live closer to work/public transport/shops |
22.8% |
Able to live closer to the city |
17.3% |
Nicer home options to rent rather than buy |
16.2% |
I get to live with people I know (family, friends, partner) |
13.8% |
There are no perks |
12.8% |
Able to live closer to friends/family |
12.0% |
Other |
1.5% |
More than 50% of respondents to this survey said having no maintenance costs was the top perks of renting, closely followed by less responsibility and no additional property rates or taxes, at 42% and 40% respectively.
More flexibility, living in a desirable suburb, and cheaper upfront costs (fixed rent) were also top perks of renting, with more than a quarter of survey respondents stating so at 32%, 29% and 28% respectively.
Almost a quarter of respondents also said renting lets them live closer to work, public transport and shops (23%).
Only 16%, 14% and 12% of respondents said that the perks of renting included nicer home options to rent rather than buy, getting to live with family and friends, and being able to live closer to friends and family.
Having Your Own Space is the Key to Enjoying Renting
What are the best ways to keep renting enjoyable?
Australia
What are the best ways to keep renting enjoyable? It seems having your own space within your rental is the key, with more than 56% of respondents agreeing.
Almost 40% of survey respondents said buying and cooking your own food is key to keeping renting enjoyable.
Living alone came in the top three, with 35% of respondents saying this was the best way to keep renting enjoyable.
Age
Across the board, all ages surveyed said having your own space while renting is the best way to keep renting enjoyable.
For those surveyed aged 18-27, buying and cooking your own food as well as communication and compromise were the next best ways to keep renting enjoyable.
Respondents aged 28-37 also agreed (53% and 30%), however this age group also prioritised living alone (30%).
Designated communal spaces were the lowest across all age groups (other than ‘other’), with those surveyed aged 58-67 surveyed having 8%. This age group also put communal cleaning roster last with 4% surveyed stating a designated cleaning roster kept renting enjoyable.
Aussies Plan on Renting Long-Term
How long do you plan on renting for?
Australia
Almost 20% of those surveyed said they plan on renting forever, with 26% saying they were unsure how long they would choose to rent for.
Another 20% said they plan on renting for another two to five years, with 16% saying one to two years.
Only 9% said they plan on renting for up to a year.
State
Those living in New South Wales and Victoria surveyed said they plan on renting for two to five years (20% and 21%).
For South Australians, 22% of those surveyed said they plan on renting forever.
Queenslanders who were surveyed also said they plan on renting forever (17%) with the same saying one to two years (17%).
Respondents in Western Australia said they plan on renting for up to a year (16%).
All states topped the charts for those surveyed stating they were unsure how long they plan on renting for.
