It’s a worldwide phenomenon called ”Generation Rent” – and it has landed in Australia. While the term is used internationally to describe the wave of people in their 20s and 30s who will never be able to afford to own homes, a report has found that permanent renting is becoming a way of life for Australians of all ages.
Families, older people and young people are all increasingly being locked out of home ownership, says Dr Wendy Stone, the director of the AHURI Swinburne Research Centre, which released the research on the private rental market.
“I just look at the prices and think, is there that much of a benefit to be gained by buying a property?”
About 4.5 million Australians rent, about twice as many as in 1981 when many baby boomers were starting out in life or buying their first homes. And many are renting for longer. Of the 1.8 million households in private rental accommodation, a third have done so for more than 10 years.
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