65 Percent of Renters Take More Than 3 Months to Find a Home
MELBOURNE, Australia, April 22 /PRNewswire/ -- A recent survey of 1400 Australian renters conducted by property portal Realestateview.com.au has found that 65 percent of people take more than 3 months to find a rental home.
Realestateview.com.au (http://www.realestateview.com.au/) General Manager Petra Sprekos said that site users were confirming the common view that for the past 5 years demand has far exceeded supply in the rental market and that finding a rental home can prove extremely difficult.
"Most renters report that they have problems finding a home. It is very concerning that 65 percent of respondents said it took more than three months to secure a rental home.
"A wait of three months to find a new home means that if you only have a lease that is 12 months in duration you would need to spend a quarter of your time looking for a new home.
"The survey also found that renters knew they had to be flexible if they were to find a home with more than half willing to look in other suburbs or for homes without the features they wanted.
"One in ten will even look at share accommodation to find a place to rent and just under half will increase their budget.
"It shows that renters will trade quality and location before they increase their budget," Petra Sprekos concluded.
QUESTION: Did you have to undertake any of the following activities to increase your chances of finding a rental property?
Response Percentage below:
Looked for property in 'further out' locations than originally planned - 46.3%
Looked for properties of a lower quality than originally planned - 49.3%
Looked for properties of a smaller size than originally planned - 42.9%
Looked for share accommodation - 15.6%
Increased your budget - 59.5%
realestateVIEW.com.au (http://www.realestateview.com.au/) is the 3rd largest property portal in Australia and is growing faster than all of the other major portals.* With over 90,000 properties online, realestateVIEW.com.au covers:
residential real estate
(http://www.realestateview.com.au/Real-Estate/Residential/Buy.html),
commercial real estate
(http://www.realestateview.com.au/Real-Estate/Commercial/Buy.html),
businesses for sale
(http://www.realestateview.com.au/Real-Estate/Business/Buy.html),
rental properties
(http://www.realestateview.com.au/Real-Estate/Residential/Rent.html) and more
* Based on Nielsen-NetRatings unique visitors growth statistics for March 2010.
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SOURCE realestateview.com.au
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