Sydney, Australia (PRWEB) September 5, 2007 -- A staggering 89% of Australian renters experienced negative psychological effects directly related to the dire rental climate, with a third of renters fearing they will never be able to own their own home, according to a national survey of over 3,000 Australians, conducted by realestate.com.au.
'Desperate', 'anxious' and 'helpless' - these are the words renters use to describe how they feel. The psychological perception of even a small increase of $10 per week can push some renters to the brink of despair," said clinical psychologist Ilan Cohen, Director of myhealthmatters.com.au and member of the Australian Psychological Society.
'Rent' has been coined a dirty four-letter-word by many Australians, giving rise to a social divide between renters and homeowners which, according to this research is worsening.
realestate.com.au's General Manager, Shaun Di Gregorio said, "A significant drop in housing affordability over the last 10 years has forced many people to stay in rental accommodation, and high rental prices are making it impossible for prospective first home buyers to save enough money to think about buying a house."
Even though more investors are snapping up properties for rental purposes, rate increases in mortgages are also being passed on, helping force the average rental rates up by 9%^ during 2007.
The national survey revealed:
? 59% of renters expressed "anxiety" over their renting predicament
? 41% of renters felt "helpless" in their current rental situation, while one in five admitted a feeling
of rage and fury
? A dismal 11% of renters are happy with their current accommodation
? A mere 4% feel well cared for by their landlords
? 56% of prospective tenants are being deterred from applying for properties based on the
number of people at inspections
? 34% of renters feel that given the current housing market, they will never be able to purchase
their own property
? The majority of respondents would rather stay in sub-ideal rental properties than chance their
arm in the market
"Renters desperate for a solution spend many hours looking at listings on realestate.com.au, so we have some insight into the stresses renters are facing. It's important to be aware of the roll-on effects rising interest rates and home shortages are having on paying tenants."
The survey, which was designed to study the concerns of the forgotten victims of Australia's property crisis - renters - provides a glimpse into the hardships experienced by one in three* Australians.
"The overwhelming challenges facing this large section of our society paints a pretty dim picture," said Mr Di Gregorio.
"With so many Australians living in rental accommodation, it's about time some status was given back to renters," he added.
Home Price Guide - Quarterly Rental Market Report June 2007, Australian Property Monitors
*25% are private renters and 5% are in publicly provided housing. Information Paper On Housing Affordability, Marion Powall (Applied Economics Pty Ltd) & Glen Withers (ANU), July 2006.
For further information or interview opportunities please contact:
Giselle Pethard +61 (3) 98434242 / +61 (0) 414 299658 / gpethard @ realestate.com.au
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