Furnished apartments, often associated with the hippie and the outdoorsy lifestyle, are making a resurgence in Australia, according to research firm Zillow.
In its annual rental survey, Zillower found that Australia’s furnished apartments are growing in popularity.
Furnished apartments have become a household staple in recent years, and the trend has been growing since the beginning of the century, Zilow’s president of research Andrew Hildebrand told ABC News.
“Furnishings are increasingly seen as the next big thing in a modern house, and as the ideal home for the millennial generation,” he said.
He said that trend was most apparent in Sydney, with Sydney-based developer Tradesman Properties announcing plans to build apartments for rent at a site at the Sydney Opera House in February.
Mr Hildebrand said that Sydney has seen a “huge uptick” in the number of furnished apartments.
But it’s not just the popularity of furnished units that’s attracted more renters, he said, with many more looking to rent them out.
A large proportion of renters were willing to pay between $250 and $800 for an apartment, he told ABC Radio.
Zillow’s survey found that a quarter of respondents were looking for furnished apartments to rent in Sydney.
Most respondents would prefer to rent an apartment in the city, but the number seeking a furnished apartment had grown from 18 per cent in February to 40 per cent this year, the company said.
“With this trend growing, the demand for furnished accommodation is increasing and the affordability for people to live in an apartment is also improving,” Mr Hildebeards said.
“It is important that the supply and demand balance is in line, as the number and variety of furnished apartment units is growing and changing the way we live and work.”
Mr Yannick said that, despite the popularity, the average rent for a furnished home was around $800 per week.
“[The average] rent is going up for many Australians, and we have a lot of affordable and well-off people who are looking to get into an apartment and live in it,” he told the ABC.
Topics:housing-industry,affordable-housing,rental-conditions,rents,social-development,housing,state-parliament,sydney-2000,vic,australiaFirst posted May 16, 2019 07:37:34Contact Kate HarrisonMore stories from New South Wales