For many Australians, the dream of living independently in a comfortable home is slipping further out of reach—and it’s not just those on modest incomes feeling the pinch.
Even high earners are being forced to make tough choices as rental prices skyrocket, with some finding themselves back in shared houses for the first time in decades.
Could this be the new norm for Australia? How would this impact the lives of renters and would-be homeowners?
A New Reality for a ‘Well Above Average’ Earner
Take the story of Taryn Elder, a 38-year-old digital content specialist who recently made the move from Melbourne to the Gold Coast.
With a strong career and a salary ‘well above’ the national average, Taryn never imagined she’d be sharing a home again after years of living solo or with partners. But the reality of today’s rental market left her with little choice.
‘I earn a really good salary, I have a great job. But you can easily spend $1,200 a week by yourself and it just kind of seems ridiculous,’ Taryn said.
‘I wanted to ensure I was close to the beach, that was one of my reasons for moving up. But I was extending my search to suburbs that I hadn’t even considered previously because it seemed to be really difficult to secure a rental property.’
Taryn’s experience is far from unique. The average weekly rent for a unit on the Gold Coast now sits at $802, while houses average a staggering $1,296 per week, according to SQM Research.
Even a two-bedroom apartment in Melbourne, where she previously lived, was costing her $650 a week—and that’s before factoring in the higher prices and fierce competition up north.
The Return of the Share House – For All Ages
Faced with these daunting figures, Taryn made the pragmatic decision to team up with a friend already based in Queensland. Together, they managed to secure a two-bedroom, one-and-a-half bathroom flat in Tugun for $900 a week – a relative bargain, split evenly between them.
‘The reason why we decided to move in together is we both travel a lot for work. So I think it’s a good dynamic in that respect,’ she said. But for many, the decision to share isn’t about lifestyle or convenience—it’s about necessity.
According to flatmates.com.au, the number of members over the age of 55 seeking shared accommodation has jumped by 7 per cent year on year, with half citing the cost of living and inability to afford living alone as their main reasons.
A recent survey of more than 8,700 tenants found that 57 per cent were struggling to meet their rent payments, and 43 per cent had been pushed into shared living due to affordability constraints.
Why Are Rents So High?
The Gold Coast, like much of Australia, is experiencing a perfect storm of low supply and high demand. Family-friendly suburbs such as Coomera and Pimpama are particularly squeezed, with vacancy rates at historic lows.
Anne Crarey, executive general manager of property services at Little Real Estate, says the situation isn’t likely to improve soon.
‘I think houses are going to be limited and in short supply. I think apartments will be in supply, but it’s still going to have a really low vacancy rate,’ she explained.
‘Any housing market in the Gold Coast, all the way from Pimpama down the coast, housing is in really short supply.’
While the Queensland government has announced plans to build one million new homes by 2046, relief is still a long way off for those struggling right now.
The Impact on Lifestyle and Wellbeing
For older Australians, the return to shared housing can be a mixed bag. On one hand, it can offer companionship, shared expenses, and a way to maintain a desired lifestyle in a preferred location.
On the other, it can mean sacrificing privacy and independence—things many of us value more as we get older.
Crarey sees the shift as a sign of smart financial management rather than defeat. ‘Being able to live in the location where you actually want to live and having to have a roommate is one of those potential sacrifices that you need to make to be able to keep up the same lifestyle as you had several years ago.’
‘I definitely don’t see it as a negative. I think people are really being smart around the way that they’re spending their money and also not wanting to sacrifice their quality of life.’
A Strategic Move – Or a Forced Hand?
For Taryn, sharing a home is a strategic decision that allows her to save for a deposit in her own place—something that would be impossible if she were paying rent alone.
‘I am lucky. I live comfortably and I’m on a good salary, so I think for me it’s definitely been a strategic decision. I know that for [some] people it definitely is a pure necessity and they have to live with someone.’
She hopes to buy a three-bedroom house on the Gold Coast within the next year, aiming for something under $1.2 million. But with prices rising and competition fierce, even that goal is a stretch for many.
What Can Renters Do?
If you’re finding yourself squeezed by rising rents, you’re not alone. Here are a few strategies to consider:
- Consider Share Housing: Whether with friends, family, or new flatmates, sharing can dramatically reduce your weekly outgoings.
- Expand Your Search: Look at suburbs you might not have considered before, or be flexible with your wish list.
- Negotiate Where Possible: Some landlords may be open to negotiation, especially if you can offer a longer lease or references.
- Seek Support: If you’re struggling, reach out to local tenancy advocacy services or financial counsellors for advice.
Have Your Say
Have you been forced to change your living arrangements due to rising rents? Are you considering moving in with others, or have you already made the leap? How has it affected your lifestyle, finances, and well-being? We’d love to hear your story. Please share your experiences in the comments below.
As the rental crisis deepens, it’s clear that the old rules no longer apply. Whether you’re a high earner or on a fixed income, the challenge of finding affordable, comfortable housing is one that unites us all. Let’s continue the conversation and support each other through these changing times.
Also read: Half of Australian landlords sell their investments after 2 years, adding to renters’ insecurity
