Is Renting Getting More Popular Than Owning Properties?
If you look at the current statistics in Australia, you’ll find that more than 30% of the population is living in rented properties. Knowing the fact that this trend is only going to get more popular during the next few years, you can easily say that renting has become the new owning.
This abovementioned statistic is from the Australian census, proving that since 1991 the rental population in the country has increased from 26.9% to 30.9%. And on the other hand, the home ownership has dropped from 68.6% to 65.5%.
The Advantages of Renting
According to a few property investment managers, there happen to be several advantages of renting. For instance, renting allows a person to live in the area where he or she wants to live. This area can be a quiet one or perhaps close to the tenant’s workplace. Considering that the prices of owning a property in Australia are high, affording to own a house in the same area might not be very convenient for most of the people.
But renting a property makes it possible for a person to live and enjoy the lifestyle of that area. If you want more information about renting properties on lease in your favourite cities or areas in Australia then you can contact Laing & Simmons.
The Conveniences in Renting
With renting, you can live in the property you want to live in without having to bear the same operating costs as owning. You don’t have to be concerned about the cost related to repairs and maintenances, and council rates and levies.
You don’t even have to buy all the equipment and furnishings of your own if you’re living in a rented place. You can rent all the equipment, accessories and furnishings if you like. For availing such services you can visit rentacentre.com.au.
Other Options Available
In Australia, there’s another option available to people that they consider when they want to live in an area they admire but can’t afford a property there, yet they also want to own a property as well. This option is called “rentvesting”. It means you can buy an investment property in some less expensive and affordable location, and rent a property in an area of your choice. This option also offers the person a way into real estate market.
Personalizing the Rented Property
One downside of renting is that you can’t make the changes to the property as you wish according to your taste. However, you can personalize the place by things like your photos and furniture that reflect your personality. You can also add plants of your choice from The Plant Man.
Another contributing factor to this shift towards renting properties in Australia is that people benefit from long term renting. If you’re a single employed person, a young couple starting a family or perhaps a divorced individual, there are properties that are always available to fit your preferences. This is something that appeals a lot of renters because their status might change over time and they can move to a suitable rented property easily.
This is a collaborative post.