Nearly half of Australian renters would consider relocating to another suburb or city if it meant paying less rent — but only if the savings hit a clear tipping point, new data has revealed.
Among renters who would up sticks for a discount, 22 per cent say they’d only move if rent was at least 20 per cent cheaper, 11 per cent would relocate for a 10 per cent discount, and 14 per cent are already searching for a more affordable area.
Meanwhile, 26 per cent of renters surveyed say they’d consider moving, but only if they could stay close to work, family or amenities.
Another 26 per cent say they either value their current location too much or are already in a stable rental setup, like a long-term lease, according to the Money.com.au research.
Source: PropTrack
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Finance Expert, Sean Callery, said renters are weighing up more than just cost when it came to relocating.
“With the median weekly rent across capital cities sitting at $650, a 20 per cent discount would bring rent down to $520 – a saving of $130 a week or $6760 a year,” he said.
“For those saving for their first home, that could go a long way toward a 5 per cent deposit. Even a 10 per cent cut would still mean $65 back in renters’ pockets each week.”
Sydney renters stand to save the most by relocating for cheaper rent.
With a median rent of $780 per week, a 20 per cent discount would save them $156 per week.
The next-highest potential weekly savings from a 20 per rent reduction are in Perth, Darwin,
and the ACT — where renters could each save up to $140 per week.
Young Aussies lead the rental relocation trend
The survey found that young Australian renters are more willing to relocate for cheaper rent
– especially if the savings are significant.
Millennials were the most likely to consider moving, with 24 per cent saying they’d relocate if rent was at least 20 per cent lower.
They were also the most responsive to smaller savings, with 18 per cent open to moving for a 10 per cent discount – the highest across all generations.
Lineup of people wanting to view a rental property in Paddington. Picture: Liam Kidston
More than a third of Gen Z (35 per cent) and 28 per cent of Millennials said they’d consider relocating for cheaper rent — but only if they could stay close to work, family or amenities.
By contrast, older Australians were more inclined to stay put.
This was most pronounced among Baby Boomers (43 per cent), followed by Gen X (33 per cent), who said they either value their current location too much to chase savings or are already in stable rental arrangements.
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