Housing deposits further out of reach than ever, new numbers show
Share and Follow

The rental crisis continues to squeeze Australian pockets, with more than a million renters taking extreme measures to pay less, according to a new survey.

Research from comparison website Finder found that about two in five (39 per cent) of renters, have gone above and beyond to reduce their rent or avoid it altogether in the past year.

That’s equivalent to 1.1 million people around the country.

The rental crisis continues to hit people hard. (Getty)

Thirteen per cent of people moved to a cheaper property or suburb, while eight per cent moved in with a loved one to dodge rent payments.

Another seven per cent asked a friend or family member for money to help pay.

Finder home loans expert Richard Whitten said the data showed how deeply the rental crisis is hurting Australians.

for rent signs
Tenants are finding themselves in financial stress. (Louie Douvis)

“There’s a clear limit to what people can afford,” he said.

“Too many tenants are finding themselves in financial stress because of how much they have to pay.”

The survey showed six per cent have taken on a housemate to lower their costs, while a further six per cent managed to negotiate a rental reduction.

Another six per cent have applied for government housing assistance.

Yet another six per cent have fallen behind on their repayments, while three per cent didn’t pay their rent for a certain period.

Whitten said the undersupply of housing has been building for a while.

“High property prices are keeping people in the rental market for longer,” he said.

Despite the grim outlook, Whitten said there are strategies to lighten the load.

“Extending your search to surrounding suburbs, considering more modest properties, or even negotiating directly with landlords can help,” he said.

“Some renters may also be eligible for government rent assistance.

“Another way to steer clear of the rental market is to keep living with your parents for a bit longer, if that’s an option.”

Share and Follow
You May Also Like
Pope Leo summons world's cardinals for 'significant' meeting

Pope Leo Convenes Global Cardinals for Pivotal Summit: A Historic Gathering in Vatican City

Pope Leo XIV has summoned the world’s cardinals for two days of…
Patients with an aggressive form of breast cancer could soon save thousands of dollars every month as the government prepares to cover the cost of crucial medication.

Breakthrough Cancer Drug Gains Approval for Inclusion in Pharmaceutical Benefits Scheme

Patients battling an aggressive form of breast cancer are poised to benefit…

Australia’s Rising Terror Threat: Global Events Heighten National Vulnerability

As the first shots rang out on Sunday afternoon, Francisco “Paco” Chumacero…

Father-Son Duo Completes Epic 14,000km England-to-Australia Cycling Adventure: A Journey of Bonding and Resilience

Growing up in Manchester, United Kingdom, Jamie Hargreaves and his brother were…
David Walliams

David Walliams Speaks Out: Addressing Allegations After Publisher Split

David Walliams, a renowned British children’s author and comedian, has refuted claims…
Brendon McCullum admits England got their preparation WRONG after going 3-0 down in the Ashes

Brendon McCullum Reflects on England’s Ashes Strategy After 3-0 Deficit

<!– <!– <!– <!– Brendon McCullum has acknowledged that England’s approach to…

NSW Premier Advocates for Royal Commission and Vows to Prohibit Controversial ‘Globalise the Intifada’ Chant

NSW Premier Chris Minns has announced his government will introduce new laws…
Bondi shooting terror attack memorial

Memorials at Bondi to Be Removed as Australia Reflects on Tragic Event’s Anniversary

Since the horror’s of last Sunday’s tragedy unfolded in Bondi, the community…