Suburb where sharehouse room costs $570,
In Avalon Beach, the median rent for a room has increased by over 90 percent in the past year.
This suburb has been identified as having the steepest year-on-year rent increase for single rooms in sharehouses.
Now, renting a single room in Avalon Beach costs an average of $570 per week, according to Flatmates.com.au data.
In contrast, renting an entire house in Avalon Beach costs a median of $1250 per week, up by 6.6 percent.
Ongoing cost of living pressures have significantly changed how Australians approach housing, pushing 43 percent into shared accommodation.
Moreover, the rental crisis isn’t just affecting young people; renters over 75 are now the fastest-growing sharehouse demographic.
For instance, half of those over 55 chose shared living due to financial necessity, with 30 percent seeking companionship.
As the cost of renting a room continues to rise, many sharehouse tenants are struggling to afford their rent.
Receive the latest property news and advice directly in your inbox
In 2023, only 14 percent of sharehouse renters were struggling to pay rent, but this has now increased to 57 percent.
Other Australian suburbs experiencing significant rent hikes include Marburg, Brisbane (86.1 percent); Hampton, Melbourne (80.6 percent); Embleton, Perth (71.9 percent).
Additionally, Lota, Brisbane, saw a rise of 64.3 percent in rent prices, marking an unprecedented increase in these areas.
These figures are remarkable, especially when compared to the broader rental market, which has also seen record highs this year.
According to Conley, the effects of the ongoing rental crisis remain significant for many Australians, continuing to impact renters.
Furthermore, 55 percent of survey respondents believe property ownership is no longer attainable for young people, reflecting growing uncertainty.
This growing sentiment points to an increasing sense of insecurity regarding long-term housing stability and the future of homeownership.
