Rent Hikes: To Stay or To Move?

As rents in Australia soar to record highs, renters must weigh the costs of staying or moving. With national median rents at $627 a week, and annual growth rates climbing, understanding expenses such as moving costs and potential implications is crucial for making informed decisions in this dynamic market.

In Australia, renters are facing a pressing dilemma: stay put or move out as landlords hike rents by 10% amid a fluctuating market. Recent data reveals national median rents have reached unprecedented levels, with record averages of $627 per week, marking a 9.1% annual growth rate over the past three years.

CoreLogic reports show slight variations between urban and regional areas, reinforcing the critical need for renters to understand all associated costs. These include professional moving services, utility disconnection and reconnection fees, and potential ‘after moving’ expenses, alongside emotional and practical investments.

The decision essentially boils down to an individual’s personal circumstances. Moving might provide cost savings of up to $2,000 but involves labor-intensive relocation, whereas remaining saves time and effort, despite higher costs — a choice intensely personal and dependent on one's financial and emotional resilience.

(With inputs from agencies.)