Brighter And some

Tenant trends: share housing and units grow in popularity

by Kate Watt, Marketing Manager 14 March 2024

A recent update from PropTrack reported that January marked the busiest month on record for share housing website with 212,000 active members searching for a new home or house mate.

That’s a 6 per cent increase on last year.

“The number of people seeking shared accommodation is on the rise as a result of the housing crisis – both buying and renting are expensive and this pressure is culminating in more people looking for a flatmate or a share house,” PropTrack reported.

Tenants are also turning to smaller units instead of larger houses.

“The unit share of searches has risen by 10 percentage points over the past three years which suggests that people are now valuing different attributes in a home,” Reports PropTrack.

“Not only are renters seeking out units more, but they are also less willing to pay a premium for houses.”

The trend has been spurred on by a move away from the pandemic rush to large houses and home offices. As restrictions have all but disappeared, renters are returning to units for convenience and cost savings.

“Units are now leasing 36% faster than in November 2020, whereas houses are leasing 9% faster,” it reports. “Units are also on market for fewer days than houses, reflecting a heightened level of demand for units that extends beyond the recovery in inner-city markets.”

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