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Why is Renting in 2023 Getting Harder?

Posted by Nathan on 20 March 2023
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You’ve been to countless inspections but you couldn’t find the right one that fits your budget? Yes, looking for a place to rent in Melbourne this year is getting harder than ever! But what are the reasons? Here we’re going to explain some factors that influence the increase in price for rent in Melbourne.

Post COVID-19 Migration Boom

During COVID lockdown, most international students had to leave Australia. But now that the border is back open, international students and workers are rushing to go to Australia. This means there is a huge increase in people looking for places to stay, making it so hard and expensive to find places to live in Australia.

Inflation

Cost of living is getting higher, and this also includes rent and bills! Unfortunately, even when rental prices are skyrocketing, wages don’t rise at the same pace, making it very difficult for international students, who are mostly juggling both school and work to be able to pay rent.

High Interest Rates

The next reason is the high interest rates. This causes people to be hesitant from buying houses. Investors who already have houses are now choosing to sell their houses instead of renting them out. Some of them also choose to list their house on holiday homestay websites to be able to earn more money. This makes the shortage of supply even more scarce for students.

So how can we find the right place in this rental crisis?

Apply as soon as possible!

Since the rental market is getting more competitive due to the lack of supply, as soon as you find something that catches your eye and fits your budget, make sure to go for an inspection and apply! If you don’t apply or book inspection straight away, chances are somebody is already applying for it.

Consider living in a sharehouse

If living by yourself is too expensive, you should consider living in a sharehouse or a student accommodation! If you’re working or studying most of the time, maybe you don’t need too much space! By living in a sharehouse, not only you’re able to meet new friends, most of the time the internet and bills are included in the rent! Share Houses are usually located close to universities as well, so it cuts out your travelling time!

Now that you know the reasons behind the rental crisis, it’s good to be prepared. If you see a rental property that you like, make sure you apply as soon as you can! Otherwise, living in a sharehouse is a great solution for those of you who love socialising with new people!

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