Skyrocketing rents on the Gold Coast are forcing many tenants to share properties with as many people as possible to meet living expenses.According to ABC NewsTenants on the Gold Coast are being forced to live with up to five roommates to afford rent, with the median rent for a unit in the area climbing to $680 a week.
A real estate insider said that four years ago, a two-bedroom unit within walking distance of the beach cost $450 per week, but now it has soared to $730. More and more tenants are choosing shared rentals to reduce living costs. "We currently have a four-bedroom property shared by six people, including two couples and two singles." Tenants used to spend around 33.51 TWD per 3T on rent, but now that proportion is closer to 431 TWD, and in some cases, as much as 501 TWD per 3T.
Tenant Lillian Reed also shared: "I now share a four-bedroom house with four other people. The cost of living here is much higher than other places, and the competition is quite fierce, so it is too difficult. In order to pay the rent, I have to work six days a week. In a year, the weekly rent has increased by A$110." She also revealed that because she could not afford the high rent in the seaside suburbs, she could only choose to live in the smallest and cheapest room in Varsity Lakes.
Data shows that rental costs on the Gold Coast have risen by 7.1% over the past year. The median rent for units on the Gold Coast has increased by $971 per week over the past year. The median rent for a family home on the Gold Coast reached $850 per week in December.
PropTrack senior economist Angus Moore said the Gold Coast had become one of the most popular areas for renting and buying in southeast Queensland, but he predicted that as the market gradually adjusted and population movements stabilized, tenants might feel some relief in rent by the end of the year.
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