Australia is one of the hardest places in the developed world to be a renter.
They’ve been told how they can live, for how long and made to feel lucky they even have somewhere to stay. Only 19% of renters report preferring to rent and are trading off the security of home ownership for lifestyle factors such as location, dwelling quality, and size.
The weakness of Australia’s rental system is clearest when we consider it in an international context. It fails on two fronts:
#1 Tenure: The first category of regulation is tenure, and encapsulates the typical term of a rental lease, and the grounds on which a lease can be terminated.
#2 Making a house a home: The second category of regulation is controlling the ability of renters to make their property a home. Going directly to the nature of the rental experience, the two key categories of regulation for this area are the ability for renters to have pets, and to make minor alterations.
There is no typical renter.
With over 5 million Australian adults renting in 2022 (that’s 32%), today’s rental universe is exceptionally diverse and complex. Brands that can find useful and meaningful ways to respect, protect and delight tenants will win an unfair share of tomorrow’s rental market.
Source: Private Renting in Australia – A Broken System Whitepaper 2 March 2023