Lodgers move in Down Under
According to recent research many Australian real estate owners are considering renting out a spare room to help fund their monthly mortgage costs.
The results of a survey carried out by PRDnationwide showed that nearly a third of Australian property owners would contemplate the idea of bringing in a lodger. Of those questioned 14 per cent said they had already taken that step and more than 10 per cent said they would if they had a spare bedroom.
Industry experts are not surprised by the increase in the number of households prepared to rent a spare room as mortgage stress has been on the way up for the last couple of years. Also it is much harder for first time buyers to join the Australian property ladder in today’s financial climate. Rising rental costs make it all the harder for potential homeowners to save the necessary deposits needed to access mortgage funds.
Five years ago before the global cash crisis a similar survey revealed that just 20 per cent of homeowner’s would consider getting in a lodger to help with mortgage payments.