Or perhaps the prospect of taking on the long term financial commitment of a mortgage doesn’t appeal if you’re just not ready to settle down.
It’s these reasons that are seeing the emergence of build-to-rent developments. These are townhouses or units that developmers build to rent, not to sell.
The benefit to tenants are that they’ll be typically offered a long term lease and have a sense of security that their landlord (all things going to plan) won’t sell the property out from under them.
Build-to-rent dwellings are not common because usually developers will want to get their pay-day pronto, selling units off-the-plan or as soon as possible upon completion.
But developers with ‘patient capital’ are prepared to wait for a longer term pay day and will structure their finances and development to maximise the rental yield in the meantime.
One such developer Red & Co was recently featured in an article on Domain.
So could this type of rental arrangement be for you?
It’s an entirely personal choice. If you want to rent somewhere for five years you might consider talking to a financial planner to see if you’re better off buying in this low interest rate environment.
But if renting suits your lifestyle best, then it might be worth a closer look.