Tenants making significant moves to reduce rental costs

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.

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.

“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.”