65 Percent of Renters Take More Than 3 Months to Find a Home
- Apr 27, 2010
Melbourne, AUSTRALIA–Sixty five percent of 1,400 people in an Australian survey took more than three months to find a rental home, according to property portal Realestateview.com.au.
Realestateview.com.au General Manager Petra Sprekos says that site users were confirming the common view that for the past five years demand has far exceeded supply in the rental market and that finding a rental home can prove to be extremely difficult.
“Most renters report that they have problems finding a home,” says Sprekos. “It is very concerning that 65 percent of respondents said it took more than three months to secure a rental home. A wait of three months to find a new home means that if you only have a lease that is 12 months in duration you would need to spend a quarter of your time looking for a new home.”
The survey also found that renters knew they had to be flexible if they were to find a home with more than half willing to look in other suburbs or for homes without the features they wanted.
“One in 10 will even look at share accommodation to find a place to rent and just under half will increase their budget. It shows that renters will trade quality and location before they increase their budget,” Sprekos concludes.