There’s a lot I’m grateful for, and I’m determined to end the year on a positive note. But when Santa did his rounds earlier this week, he wasn’t the only thing to shoot through the roof.

My flatmate and I have been lucky to get a decent deal on our place, but that’s probably more a reflection of the blocked plumbing than our negotiating skills. That is, until Christmas, when our luck ran dry – unlike our shower floor. We must have ended up on the naughty list because from February, our rent will jump by about 35 per cent.

Illustration by Simon LetchCredit:

Receiving the news almost felt normal – like the fate that had met many of our friends had finally caught up to us. Advertised unit rents increased nearly 24 per cent across Australia’s capital cities in the 12 months to September alone.

If that isn’t enough to suggest there’s a huge housing affordability problem, it’s worth remembering wage growth, at 4 per cent in the 12 months to September, has not kept up.

The rent hike on our waterlogged apartment means more than 40 per cent of my after-tax pay will be eaten up by rent. Keep in mind you’re considered to be in housing stress once housing costs exceed 30 per cent of your total income.

My flatmate and I have looked around at other options. Moving to the North Pole and becoming elves is looking increasingly attractive. In all seriousness, our prospects look grim. Rental vacancies for residential properties across Australia were at about 1 per cent in November and every weekend lines of renters snake around potential rentals across the country.

Ever-increasing competition for rare rental properties is forcing rents ever higher.Credit: Peter Rae

Moving back in with parents is an option, but in my case the Perth-to-Sydney flight would make for quite the daily commute. It might still be easier than driving through the Rozelle Interchange, though.

Even if we blow our competition out of the water with our demonstrated experience in creative drainage solutions and secure another apartment, there are reasons to stick where we are: moving costs and perhaps most importantly, our links to the local community.

QOSHE - It’s the season for giving, but as a young renter I think I’ve given enough - Millie Muroi
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It’s the season for giving, but as a young renter I think I’ve given enough

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26.12.2023

There’s a lot I’m grateful for, and I’m determined to end the year on a positive note. But when Santa did his rounds earlier this week, he wasn’t the only thing to shoot through the roof.

My flatmate and I have been lucky to get a decent deal on our place, but that’s probably more a reflection of the blocked plumbing than our negotiating skills. That is, until Christmas, when our luck ran dry – unlike our shower floor. We must have ended up on the naughty list because from February, our rent will jump by about 35 per........

© The Sydney Morning Herald


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