The Australian rental market is a billion-dollar industry and is only set to keep growing as Australians prepare to rent for life, according to new research.
New data from finder.com.au found that over 3 million renters believe that they may be renting for the rest of their lives.
The research also surveyed 2,033 people and found that only 19 per cent of renters intended to buy property soon.
Interestingly, the largest proportion of renters who would consider renting for life were Queenslanders as 22 per cent would consider it.
This is despite falling house prices in Queensland’s capital of Brisbane, where, according to Domain’s quarterly House Price Report, the median house price sits just above $500,000.
This is almost half that of Sydney’s median of over $1.1 million, yet only 19 per cent of Sydneysiders would consider renting for life.
Perhaps unsurprisingly, the states least likely to rent for life was South Australia and Tasmania, which had two of the lowest median house prices in their capitals at $533,525 and $450,349, respectively.
In Victoria and Western Australia, only a respective 17 per cent and 18 per cent of respondents would consider renting for life.
South Australia had the largest percentage of respondents who already owned property, at 68 per cent, with Queensland having the lowest percentage at 52 per cent.
In New South Wales, 56 per cent of respondents owned property, and in Tasmania, 66 per cent did. Victoria and Western Australia both had 60 per cent of respondents owning property.
The finder.com.au research found that, across the country, 5 per cent of Aussies were currently rentvesting, a term used to describe those who buy an investment property while they still rent.
Victorians were most likely to rentvest, with 6 per cent of respondents renting but also owning a property.
The lowest groups of rentvesters were in Tasmania and South Australia, at 2 per cent and 3 per cent, respectively.