January 2024 was the most competitive month for renters on record, and with more and more people turning to share housing some suburbs having hundreds of people competing for a single room.
According to accommodation site Flatmates.com.au, more than 200,000 people searched for a share house last month, making January 2024 their highest searched month ever
Yet despite so many people looking, the number of rentals coming to market has continued to remain low, meaning competition was fierce. In the Sydney suburb of Tamarama, one of the most competitive areas in Australia, 344 people competed for a single room.
It wasn’t just Sydney that had renters fighting it out. In Perth, 388 renters competed for two rooms in the suburb of East Perth, and in Melbourne, 1,738 people competed for just 10 rooms in Fitzroy.
Flatmates.com.au Community Manager Claudia Conley said January is the busiest month of the year for share accommodation as people relocate across the country.
“The university semester is about to start, many members are looking to move for new jobs, most leases are renewed at this time of year, and migration is high as people flock to Australia for that quintessential Aussie summer experience,” she said.
“Add to this a cost-of-living and rental crisis leading even more people to turn to share accommodation than usual, it’s no surprise that this January has been the busiest month ever.”
She said that despite more than 200,000 people searching for a rental last month, it wasn’t all bad news.
“In good news for room seekers, we’ve had an 18.8% increase in new property listings since the same time last year,” she said.
“Despite this, demand still significantly outweighs supply, with the seeker to lister ratio of many suburbs over 100-1.”
The growing demand for share houses has been put down to two main factors. First, with the cost of living already stretching people’s budgets thinner and thinner, splitting the rent is seen as a good way to save some cash.
Second, the national vacancy rate has continued to sit at historic low levels, meaning that the number of rentals available at any time is very low. With no other choice, more people are having to live together under a single roof.
Ten Most Competitive Suburbs In January 2024
- Tamarama, NSW, 344 people, 1 room
- Bronte, NSW, 846 people, 4 rooms
- East Perth, WA, 388 people, 2 rooms
- Elizabeth Bay, NSW, 188 people, 0 rooms
- Clovelly, NSW, 525 people, 3 rooms
- Fitzroy, VIC, 1,738 people, 10 rooms
- Malvern, VIC, 301 people, 2 rooms
- Barangaroo, WA, 138 people, 1 room
- Highgate, WA, 132 people, 0 rooms
- Fitzroy North, 374 people, 3 rooms
