Universities across Australia are set to open their doors for another academic year, and as students find a place to settle, it puts pressure on the rental market.
After a summer away from campus, February is the time when student flock back to university, and as a result, demand for accommodation can increase by as much as 30 per cent.
With more than 1.4 million students across Australia returning to the lecture theatre, local and international students will need persistence, punctuality and presentation if they want to help secure suitable rental accommodation, Raine & Horne Group executive chairman Angus Raine said.
Many students might be a bit blase about what comes with renting a property, so property managers may need to remind them of the additional costs above the weekly rent.
“Don’t forget electricity, gas and internet costs, while [students may] need to buy some furniture, as many properties come unfurnished,” Mr Raine said.
The surge in rental demand for inner-city areas by international students makes it hard to find real estate. In Adelaide there is a 15 per cent increase in the average demand, Raine & Horne co-principal Jacky Yang said.
“This level of demand puts the squeeze on the supply of rental apartments with some students prepared to pay up to $50 more per week to secure accommodation close to the university,” Mr Yang said.
The low vacancy rate has also impacted the rental availability, with virtually no accommodation available within walking distance of the UNSW.
“Our student market is dominated by overseas students rather than local and country-based students,” Raine & Horne Kingsford/Kensington principal Sam Karatasas said.
“With vacancy rates of just 3.5 per cent and demand for accommodation in February about 30 per cent higher than the yearly average, any possible student accommodation in Kensington, Kingsford and Randwick is being snapped up almost immediately.”