More Australians are turning to shared living arrangements as rental costs continue to soar across the country.
According to the latest National Share Accommodation Survey (NSAS) from Flatmates.com.au, which surveyed over 8,700 respondents, 57 per cent of tenants are now struggling to meet their rent payments, up 14 per cent from last year.
The financial pressure has led to a significant shift in housing arrangements, with more older Australians entering the share housing market.
In Sydney’s Avalon Beach, the median weekly room price has skyrocketed to $570, up 90 per cent year-on-year increase, making it the most expensive suburb for shared accommodation.
Brookvale, also in Sydney, saw a similar surge, with prices rising to $500 per week, a 61 per cent increase.
Flatmates.com.au Product Manager, Claudia Conley, said the landscape of share housing is changing rapidly.
“Ongoing cost of living pressures over the past 12 months have reshaped how Australians approach housing, with 43 per cent of respondents saying affordability constraints have pushed them into share accommodation,” Ms Conley said.
“Additionally, 35 per cent of renters have faced rent increases in the past six months, with half of these hikes exceeding expectations, highlighting the growing financial strain on tenants.”
In Melbourne, suburbs such as Hampton and Burnside have seen median weekly room prices jump to $325 and $350 respectively, representing year-on-year increases of 80.6 per cent and 62.2 per cent.
Brisbane’s Marburg has experienced an 86.1 per cent rise, with weekly costs hitting $335, and Lota is not far behind, at $395 per week, up 64.3 per cent from last year.
In Perth, Embleton has seen a 71.9 per cent increase in median weekly room prices, climbing to $275, while Riverton has reached $300 with a 57.9 per cent rise.
The survey also revealed an increase in older Australians seeking shared accommodation, with the proportion of members aged over 55 growing by 7 per cent compared to 2023.
Of those over 55, approximately half stated they couldn’t afford to live alone, while one in ten were seeking companionship.
The survey also found that landlords are increasingly turning to share housing as a solution, with 36 per cent offering their home as a share house for the first time in the past year.
“Landlords are increasingly open to share house arrangements, with over half of surveyed landlords listing their properties for shared housing within the past two years,” Ms Conley said.
“These extra rooms have helped to provide critical relief through more difficult rental market conditions.
“While offering a property for shared housing can help manage overall costs, we did see over one fifth of surveyed property listers consider selling one or more of their properties in 2024 due to higher interest rates.”
