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Renters could be unaware of the cost of not re-leasing

Renters could be unaware of the cost of not re-leasing

by Reporter 0 comments

Lease nearing its end? Then remind your tenants of the high costs of relocating.

New research has highlighted that the average Australian renter spends half of their monthly wage when moving house.

A survey of almost 3,400 Australian renters by short-term lender Fair Go Finance found that people fork out $3,402 on average to move.

The most expensive city for moving was Sydney, with the average cost of moving and bond totalling $3,778.

The second-most expensive was Perth, with the average cost of moving and bond coming in at $3,703.

Next up was Adelaide with moving costs and bond totalling $3,653.

Brisbane came in below the national average with bond and moving costs at $3,388.

The cheapest city for average moving costs and bond was Melbourne at $3,308.

Darwin, Hobart and Canberra were excluded due to an insufficient sample.

According to the survey, 44 per cent of renters have needed some assistance to pay their bond, with 19 per cent borrowing money from family and friends and 14 per cent taking out a government bond loan.

Fair Go Finance managing director Paul Walshe said moving home can be a highly stressful event, particularly since time frames are often determined by the landlord or property manager.

“Our research found one in four renters move every two years, so it can take a huge emotional and financial toll on people,” he said.

“With around a quarter of people renting in Australia, this affects a lot of people across the country.”

[Related: The key to client retention]

 

Renters could be unaware of the cost of not re-leasing
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