TimmyH
Rental Crisis blamed on Generation Y
May 5th 2008 01:31
With the rental market in a state of disrepair, Generation Y is reportedly adding fuel to the fire and pushing up the price of housing for everyone.
The price of housing has risen considerably over the past 3 years right across the country. At present the Sydney and Perth markets are flooded with potential renters and starved for housing. According to a report from the Australian Property Monitors, Generation Y's moving out of home and looking for independent accomodation are forcing up rental prices and making it harder for everyone to afford housing.
Apparently, Y Gen's would rather pay extravagant rent in inner city locations than live in what they see as the cultural wasteland of suburbia. As opposed to their Baby-Boomer parents who were quite content to tka eup residence in outer suburbs like Campbelltown in Sydney's West.
The reported impatience of Y Gen's to work up to high living standards means they are less likely to move away from the cultural city centres. As such, the availability of rental property in Metropolitan areas is in free fall. While the rental markets in smaller semi-rural cities like Newcastle and Wollongong remain strong, the perceived necessity of inner city locations for working Y Gen's, along with a lack of public transport to and from the capital cities means these areas are poorly utilised.
The price of housing has risen considerably over the past 3 years right across the country. At present the Sydney and Perth markets are flooded with potential renters and starved for housing. According to a report from the Australian Property Monitors, Generation Y's moving out of home and looking for independent accomodation are forcing up rental prices and making it harder for everyone to afford housing.
Apparently, Y Gen's would rather pay extravagant rent in inner city locations than live in what they see as the cultural wasteland of suburbia. As opposed to their Baby-Boomer parents who were quite content to tka eup residence in outer suburbs like Campbelltown in Sydney's West.
The reported impatience of Y Gen's to work up to high living standards means they are less likely to move away from the cultural city centres. As such, the availability of rental property in Metropolitan areas is in free fall. While the rental markets in smaller semi-rural cities like Newcastle and Wollongong remain strong, the perceived necessity of inner city locations for working Y Gen's, along with a lack of public transport to and from the capital cities means these areas are poorly utilised.
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Just kidding - until yesterday, I thought I was part of Y, but I've been informed that I sit on the boundary, so I'm X. X is so lame.