About 1.3 million people now live in flats, according to the 2021 census. While the high cost of housing has brought appeal to the apartment lifestyle for many, finding the right rental can be difficult – especially when it comes to the issue of affordability. From the reality behind the matter to what you can do in order to find the right unit for you, here’s what you should keep in mind before booking an apartment tour.
To understand the reality behind the rise in apartment living, the increase in prices of houses is a major factor. One article from The Guardian, notes that in Sydney, the median house price has more than doubled from $533,000 in December 2011 to $1.2m in September of 2021. With that in mind, it’s important to note that the increase isn’t necessarily new — realestate.com.au points out that over the past 30 years, the number of occupied apartments across the country has more than doubled, up 108%, which comes to a grand total of 1,418,898 dwellings at the 2021 census. Realestate.com.au also states that “Close to half of all occupied apartments are in Australia’s largest state, New South Wales,” pointing out that in being home to more than eight million people (at the 2021 census), it’s also “the most densely populated” while Victoria and Queensland come in second and third.
The issue of affordability
Despite the popularity of apartment living, many still struggle to afford rent. In fact, rents are 9.1% higher across capital cities, and up 10.8% in regional areas when compared with June 2021. While Canberra is Australia’s most expensive rental market (with the typical home renting for $690 per week), ahead of both Sydney and Darwin, which follow closely behind. The affordability of rent is also an burden for thousands of low-income renters, who, according to an ABC News article published in mid August this year, “are facing burgeoning rents as the National Rental Affordability Scheme (NRAS) winds up, even as the federal government launches a suite of housing policies to tackle Australia’s housing crisis.”
From priorities to compromises
In order to lessen the financial burden, creating a list of must-haves in an apartment can help you pre-determine your ideal living space, and can help you avoid unnecessary costs. For example, while features such as private balconies and extra rooms are known to increase rent prices, others – like pet-friendly options or in-unit laundry – may be non-negotiable. However, it’s equally important to consider details like overall cleanliness, due to the fact that clean spaces make for a safe living environment. That said, communal areas are typically the least looked over by potential tenants, so ensuring that the apartment building has a professional cleaning crew scheduled regularly can bring you peace of mind before any paperwork is signed.
Alternative solutions can be an additional way to help ensure you find a more affordable living space. A temporary lease, for instance, can be a great way to potentially find reduced rates for a short term apartment stay. And, while the help of a friend or partner to share the rent with can be a great way to save, renting out a legal structure in a backyard is another option that can come along with heavily reduced rent. “It’s cheap, cosy and really private,” Paula Dresden from Thornbury tells realestate.com.au, who pays $50 a week to live in a mobile home in her sister’s backyard.
With apartment living rising in popularity, finding the right unit is still a major challenge financially. By making a list of apartment must-haves in addition to considering alternative solutions, you can ease the difficulty of finding the right place for you.