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The Rising Trend of Share Accommodation Among Australians
As rental prices soar, many Australians are making the decision to share living spaces to remain financially viable. Taryn Elder, a 38-year-old digital content specialist, exemplifies this trend. Having previously lived alone or with partners for over a decade, her recent move from Melbourne to the Gold Coast has led her back into share accommodation—a situation she did not foresee.
The Shift to Share Living
Elder relocated to the Gold Coast in search of new opportunities, yet she quickly realised that affording a rental on her own would be a challenge, despite her above-average salary. “I was looking at properties before I moved up, and they were going super fast. I couldn’t believe it,” she recounted. The reality of paying roughly $1,200 a week for a rental seemed daunting and unjustifiable.
To maintain her desired proximity to the beach, she extended her property search into unfamiliar suburbs, facing an increasingly competitive rental market. Elder detailed her previous rental experience in Melbourne, where she paid $650 a week for a two-bedroom apartment. Her search for a rental in the Gold Coast revealed that the average weekly rent for a unit now hovers around $802, while houses command about $1,296.
Confronted by these increased costs and the complexities of her interstate move, Elder opted to share a flat with a friend who was also looking for accommodation. “We were lucky to secure a rental property through a friend,” she shared. Their arrangement involves renting a two-bedroom apartment in Tugun at a split cost of $900 per week.
National Trends in Share Accommodation
Elder’s experience isn’t an isolated case. The share accommodation landscape is responding to broader economic pressures. Flatemates.com.au noted a 7% increase in its members aged over 55, with many citing the cost of living as their motivation for seeking shared housing. Their survey revealed that 57% of tenants are having difficulty managing rent payments, prompting 43% to turn to shared living to cope with financial strains.
Anne Crarey, the executive general manager of Little Real Estate, confirms that even individuals with substantial incomes are choosing to return to sharehousing to sustain their lifestyles. She explained that many people are making lifestyle sacrifices to afford living where they want, highlighting that a roommate can provide a financial cushion without sacrificing quality of life.
The rental market in the Gold Coast continues to experience a supply-demand imbalance. Areas like Coomera and Pimpama, known for family-friendly amenities, are seeing rapid price increases. Crarey predicts no immediate relief in rental prices, citing ongoing supply shortages for houses while some apartments might become available but will still exhibit low vacancy rates.
The Impact of Rent Prices on Future Goals
For Elder, sharing accommodation has allowed her to save for a home deposit, a goal that may have been out of reach if she were living independently. Even with a decent salary, her ability to save without this arrangement is questionable. She stated, “I think I wouldn’t be saving any money whatsoever. Living with a roommate has been a strategic decision for me,” she emphasised, acknowledging that for some, shared living is a necessity rather than a choice.
With aspirations to purchase a three-bedroom house on the Gold Coast within the next year, Elder maintains an optimistic outlook. She previously owned an investment property in Melbourne, which has since been sold, but her current living arrangement positions her well to take that next step towards homeownership under the $1.2 million mark.
Conclusion
As rental markets shift and living costs increase, many Australians are navigating the landscape by opting for shared accommodation. While it may seem like a step back for some, people like Taryn Elder view it as a smart financial strategy that allows them to maintain quality of life while preparing for future home ownership. Factors like job changes and skyrocketing rent prices are prompting a reevaluation of traditional living arrangements, showcasing resilience and adaptability in the face of economic challenges.
