DEMAND for share accommodation in Brisbane has surged amid a record tight rental market and the growing affordability crisis, with rooms in some flats being rented for $650 a week.
New data from Flatmates.com.au reveals higher than usual growth in demand for October, with an 11 per cent jump in members joining the platform in the past month — 15 per cent higher than the same time a year ago.
A room in this Fortitude Valley flat is being advertised for rent for $650 a week on Flatmates.com.au.
The Brisbane suburbs with the highest number of property seekers looking for share accommodation, but there aree no available rooms are Eagle Farm, MacGregor, and Brisbane CBD.
Share house rents have also increased. The median rent in Brisbane for a room in a share
house is currently sitting at $275 per week, with some suburbs, such as Fortitude Valley, looking at as much as $400 per week.
A room in this Fortitude Valley flat is being advertised for rent for $450 a week on Flatmates.com.au.
A quick online search even found one room advertised for $650 a week in a two-bedroom Fortitude Valley apartment.
New property listings on the platform have also increased significantly — up nearly 10 per cent over the month and 38 per cent in the past year, with the rising cost of living driving people to look at new ways of generating additional income.
Flatmates.com.au community manager Claudia Conley said hundreds of people were searching for each available room in a share house in some suburbs.
Community Manager at Flatmates.com.au, Claudia Conley. Photo: Supplied.
“October has been our fourth busiest month on the platform this year, after our usual peak summer period,” Ms Conley said.
“The volume of traffic we’ve seen on Flatmates.com.au in October we don’t usually see until December, indicating that demand for share accommodation is heating up well ahead of our peak season.”
Sharehouses in Virginia, Yatala, and Redbank are also highly sought-after, but with no available rooms to accommodate the demand.
“2023 has been Flatmates.com.au’s busiest year on record, due to a record-breaking summer and without our typical seasonal winter slump,” Ms Conley said.
A room in this share house in Macgregor is being advertised for rent for $235 a week on Flatmates.com.au.
“It’s clear more Queenslanders are turning to share accommodation as pressures on the rental market and a cost-of-living crisis fail to die down. An increase in property listings by 38 per cent since the same time last year reflects the growing trend of homeowners renting out their spare rooms.”
Ms Conley said half of all property listings on Flatmates.com.au were from homeowners, with the majority being live-in landlords renting out a spare room in their own homes.
Despite the growing trend, more property listings were still needed across the country to keep up with the growing demand for share accommodation, she said.
It comes as new PropTrack figures show Queenslanders have experienced the biggest rent increases of anywhere in the nation in the past year at 9.5 per cent, and are facing record-low availability of rentals at 0.87 per cent.
Rental crisis: Queensland hits new record low vacancy rate
Queensland shadow housing minister Tim Mander said Queensland had more than 40,000 people either waiting for social housing, or priced-out or unable to secure rental properties across the state.
“Never before has there been a more difficult time to find, secure or keep a roof over your head in Queensland, under the Palaszczuk Labor Government,” Mr Mander said.
Mortgage Choice broker James Algar said this week’s rate rise might force more homeowners to look at renting their properties out.
“If you are really struggling, it may make sense to move back in with your folks and rent your place out for a while,” Mr Algar said.
“Or you could rent your house out and then rent an apartment yourself. It is still cheaper renting than owning in many cases.”
