If you're currently renting the home you live in, there's a good chance you're under what's being called "Rental Stress".
That's the finding of a new survey by the guys at rent.com.au. Rental stress occurs when someone is paying more than a third of their income on rent.
The researchers questioned more than 2000 people about their rental situation, finding 53 per cent of tenants are spending one-third to a half of their weekly income on their rent. More than 30 per cent are paying more than half of their weekly income on rent.
Some other worrying figures to come out of the survey:
- 60% of tenants think their rent is overpriced for the property and area hey live in.
- 59% of respondents say they will move house if their rent is raised at the end of their current lease.
- 70% say they're only renting because they can't afford a house.