You've probably heard of the "bank of mum and dad" when it comes to buying a home. But it seems parents are also coming to the rescue to help their adult children secure a rental. Rents are at record highs in Queensland, forcing some young people to lean on others.
00:00New Farm in inner-city Brisbane. With its cafes and famous park, it's a desirable place to live.
00:11I actually feel really lucky to move here. It's a really good location for work, getting to and from work.
00:17I don't have a car at the moment, so it's in public transport.
00:20The median rent here has soared above $1,000 a week, up 19% on last year.
00:26So come on in. Which makes a rental at this price pretty rare.
00:30Between $600 and $700 a week. That's for a basic three-bed, one-bath home.
00:35Demand is unprecedented, so owners are very lucky. They get a choice of six or seven sometimes approved applicants.
00:4521-year-old DJ Tutu is share housing to afford the rent.
00:50It's exciting, but it's also a bit stressful. Like, you've got to organise everything.
00:55It makes it a lot cheaper when you can split things.
00:59On the Northern Gold Coast, once rural areas are now sprawling suburbs.
01:04You're pretty hard-pressed to find a rental anywhere on the Northern Gold Coast for under $600 a week.
01:10Which is making it tricky for those on lower incomes to secure a lease.
01:14Regardless of the age of the person, when they apply for a property, they're only going to get through to that sort of what we'd call second stage of rental application processing if they meet the income to rent ratio of 30%.
01:28Carmen Benson says parents are stepping up to help their adult children.
01:32They're putting forward an application with the parent's income as a guarantor.
01:36Back in Brisbane, Ben Collins reckons lots of homes are empty.
01:41You know, if everyone just put their vacant house up for rent, I think it could satisfy some of the demand that's out there.
01:49Looking for solutions to unlock the rental crisis.
Be the first to comment