2022 has brought with it a sense of hope for a post-pandemic world. Over the past two years, priorities for renters have shifted in what they now view as essentials in a home or apartment and it is very different from what it was in 2019. Renters, in particular, have changed their home requirements, and landlords (now known as Residential Rental Providers - RRP’s) are wise to keep on top of these changing preferences.
According to a recent Working from Home research paper, close to 40% of workers can operate remotely, depending on their profession. This data explains the shift in liveability, as when a commute is no longer a primary consideration, people start to decentralise, and their priorities turn to the building itself. Renters want bigger spaces to study and work in, and home offices have become essential. Extra rooms within the dwelling are key; renters want roomy houses with multi use spaces.
We know that once this pandemic ends, many more people will choose to return to their physical workplaces, either full-time or part-time, resulting in further changes. Due to extended lockdowns and protracted levels of deep uncertainty, especially in Melbourne, we’re witnessing a move away from wanting to live in high-rise buildings. With Melbournians confined to their homes for what seemed like an indefinite amount of time, a balcony became inadequate for most. More and more renters are now seeking homes with oversized backyards and room for a garden. Proximity to the CBD is becoming less of a priority, with many people working from home. We’re seeing an increase in renters moving further outside the CBD for larger homes.
According to PWC’s latest Australia CityPulse analysis, numerous suburbs within Melbourne’s inner ring have much higher happiness and liveability scores than the CBD, as families stuck inside during lockdowns appreciated more spacious properties. These inner suburbs also offer more affordable real estate options with promising growth opportunities, as well as accessibility to supermarkets, playgrounds, cafes and other amenities.
Over the coming year, it will be interesting to see how preferences change further for renters.