Census figures are showing a steady increase in the number of people who are choosing to become tenants instead of property owners.
This is very good news for those looking to invest in property, because it means there is a ready pool of people looking for a home to rent.
Experts say renting is often a lifestyle decision, with many people wanting to live in a property that they could not normally afford to buy.
There is also a trend of ‘up-renting’ occurring, with tenants keeping an eye on the market, so that they can move to a nicer property in a better suburb when one becomes available.
Wakelin Property Advisory’s Monique Sasson Wakelin says a low rental-vacancy rate means there are more people out looking for property, and if people are choosing renting over buying, this increases pressure on the rental market, which is good news for investors.