MELBOURNE: Share accommodation booms in Melbourne
on 21 August 2015 by Aaron Wischusen
Data released by Flatmates.com.au has found that shared accommodation grew rapidly in Melbourne over the past year, potentially spurred on by the increased costs of living and renting.
New room listings on the site surged over 110% in the first six months this year compared with the same period in 2014, while shared rooms soared a whopping 250%.
The cost of renting a room also increased, with the average price for a private room rising in the first half of 2015 to $207.75 per week, up 3.4% from $200.98 in 2014.
The average weekly cost of a bed followed suit, rising from $175.52 in 2014 to $181.17 this year, a 3.2% increase.
General Manager of Flatmates.com.au, Mr Thomas Clement said the rise in Melbourne property costs, particularly rental markets, had pushed more people towards share accommodation.
“The last 6-12 months has seen a drop in affordable housing for traditional renters in Melbourne, leaving many to look towards share accommodation,” said Clement.
“Those who once rented alone, are now offering up their spare rooms to help subsidise rental and living costs.”
“While inner-city low-income earners, such as students, are now looking to share rooms in an effort to remain close to their campus’ and workplaces.”
Clement said there was one silver lining for sharers, with the increase in the number of listings giving renters more options.
“Earlier this year we saw as many as 40 people grappling for each room listed in Fitzroy, so the increase in property listings has given those looking far more choice.”
Fitzroy currently has a ratio of 17 people looking for each room listed, while some suburbs such as Malvern East offered more rooms to people looking with a ratio of 4 to 3.