Rising costs of living, house prices, rents, and inflation have forced many Australians to share their dwellings with strangers, according to RBA Governor Philip Lowe. The need for more people in each dwelling has become a reality for many, including single mother Claire, who has rented houses for herself and her daughter for nine years. However, increasing cost of living pressures and rent rises have forced her to open up her Brisbane space to strangers. Downsizing is not an option for her, as the pricing for smaller houses is still “ridiculous.” Meanwhile, share accommodation site Flatmates.com.au has seen a significant increase in the number of people seeking to fill rooms in their homes. The 55-64 age group has increased by 10% in the same period, driven by marriage breakdowns, lifestyle change, and entering into retirement. For home owners, spare rooms can be rented out for additional income. Share accommodation is a quick solution to the current rental crisis, but supply remains the biggest solution.
For Ballina resident Warren, his choice was between saving his business, his unit, or sharing. Rent for his health clinic had increased at CPI, but the landlord plans to increase the cost to match market value this year—44% higher than what he pays now. Additionally, he expects his mortgage repayments to increase by an extra $600 a month as he comes off fixed rates in December. Knowing what was coming, he has chosen to move in with a friend and place his unit up for rent to make ends meet.
For some, sharing is a welcome lifestyle choice. Rebecca McLean had managed to find a place to live alone in Brisbane for the first time at the beginning of 2022. But after a year, she found herself back in share housing again—fortunately it worked in her favour. For her, the move has meant she is no longer “constantly stressed.” She had to take up a second part-time job as an Uber Eats driver just to afford her bills. It was rough living alone—being able to afford things is a lot better.
While sharing may be a quick fix for the rental crisis, the need for more affordable housing remains a pressing issue. The cost of living, rent, and house prices continue to rise, making it difficult for many Australians to make ends meet. As such, the government needs to address this issue by increasing the supply of affordable housing and implementing policies that help ease the financial burden on renters and homeowners alike.