With rental prices continuing to soar amid a severe lack of property supply, many tenants are looking to share accommodation as an affordable alternative to going it alone.
In December 2022, Flatmates.com.au welcomed 45,000 new members, with 25,000 of those prospective tenants looking for a place to live.
“We have definitely seen a large increase of people looking for accommodation in every state, but unfortunately we still don’t have enough properties to keep up with that demand,” said Flatmates community manager, Claudia Conley.
In an effort to help ease the squeeze, Flatmates is encouraging homeowners and empty nesters with spare accommodation to sign up to Flatmates.com.au and rent out their empty rooms.
Ms Conley said it’s a triple-threat solution where everybody wins.
Renting out spare rooms can help address three different problems. Picture: Getty
“Firstly, it can be a very lucrative additional stream of revenue for the homeowner. Secondly, it takes the pressure off an extremely competitive rental market. And finally, it helps prospective tenants find a home and a new place to live.”
We’ve identified seven suburbs across the country experiencing high demand and low supply where homeowners could potentially make an additional $300 – $500 a week.
1. Bondi Beach, NSW
Based on figures from Flatmates.com.au, Sydney’s Bondi Beach offers the highest potential in the country for homeowners looking to pocket extra income.
Bondi Beach has been a popular suburb for renters for a long time. Picture: Getty
The ever-popular suburb has 2,708 people actively seeking a room and only 26 available, with a median weekly rental price of $550.
This furnished double room located in a modern 2-bedroom apartment is a prime example of what homeowners in Bondi Beach could offer prospective tenants at a price point of $500.
Clean, quiet and situated in a modern building, it’s just moments to the beach and local shops.
2. Surry Hills, NSW
Surry Hills is currently Sydney’s most in-demand suburb.
The uber-hip area has 3,109 people actively looking for accommodation compared to only 27 available rooms.
Surry Hills is an attractive prospective for those looking at finding a room. Picture: realestate.com.au
It has a median weekly rental price of $490, which ranges all the way up to $675 per week for a large room in this spacious two-bedroom apartment, which comes with a sun-drenched balcony and city views.
3. Braddon, ACT
Transformed from a grungy strip of car yards into Canberra’s hippest city precinct, Braddon now offers the best dual-income potential for homeowners in the nation’s capital.
According to Flatmates.com.au, it has a median room price of $370, with 322 active people looking compared to a nominal supply of 18 rooms.
Braddon is a popular suburb for renters in Canberra. Picture: realestate.com.au
Room prices vary from this single bedder for $215/week, to $440 for a sunlit bedroom located in a contemporary apartment just moments from Canberra centre.
4. Carlton, Vic
If you own a property in Carlton, there is an abundant supply of renters looking to snap up an available room and enjoy a convenient inner-city lifestyle.
Currently standing as Melbourne’s second most in-demand suburb, Carlton has 1,842 people looking to rent a room and only 25 on the market.
It doesn’t get much better for Melbourne renters than Carlton. Picture: realestate.com.au
It has a median rental price of $315.
Located in the premium area of Carlton on the CBD fringe, this sun-drenched room is available for $420 a week. It’s situated in a modern two-bedroom apartment that basks in impressive skyline views.
5. Fitzroy, Vic
Carlton’s neighbouring suburb of Fitzroy also has a median rental price of $315, albeit with slightly less demand for rooms.
1,787 people are looking to rent a room in Fitzroy, with 6 currently available.
Fitzroy offers everything most renters could want. Picture: realestate.com.au
The options are varied, ranging from $400 per week for an ensuite bedroom in this modern 2-bedroom apartment, down to a more modest $180 per week for a comfortable bedroom in this bohemian style 4-bedroom terrace.
6. Scarborough, WA
Unsurprisingly, one of the most popular areas to live in Perth is the picturesque beachside suburb of Scarborough.
This is reflected strongly in its rental demand, with 704 active people looking on Flatmates.com.au compared to just 18 available rooms.
With such easy beach access, it’s not hard to see why Scarborough, Perth, is popular with renters. Picture: realestate.com.au
If you own a property in Scarborough, consider its median room rental price of $315.
At present, the most affordable listing is $218 per week for this cabana-style room in an impressive 3-bedroom share house.
7. Adelaide, SA
Adelaide CBD holds the strongest demand in the city for room rentals, with 834 property seekers compared to 38 active room listings.
Adelaide’s CBD is prime real estate for renters in 2023. Picture: realestate.com.au
Based on those figures, it has a median rental price of $300.
This light-filled room in a 3-bedroom house on the corner of Hutt and Wakefield Street comes with its own private patio. It’s currently available for $500 per week including bills.
At the lower end of the market, this single furnished room with air-conditioning is going for a very reasonable $200 a week.
article by realestate.com.au