If you're anything like us, that pesky cozzie livs is truly becoming a thorn (or more like a giant sword) in your side. Life is getting crazy expensive and we're looking to save a dollar or two whenever we can. For a lot of young people, the biggest outgoing expense is typically rent, with many of us copping rent increases as interest rates have risen. But it turns out that maybe our rent payments don't have to dry up our bank accounts, as there are some spots in Melbourne where you can rent a room in a share house for cheap.
A survey of more than 10,000 people from across Australia by Flatmates.com.au has revealed the cheapest suburbs to rent a room in Melbourne, by the median cost that renters pay per week. Topping the list was Coburg North and Ringwood East at $180 per week, which adds up to just $720 per month. This is pretty decent, as Coburg North is only a 40-minute train ride to the city. And considering St Kilda was labelled the most expensive suburb in Melbourne to rent a room at almost $2,000 a month, it's a bloody bargain. Next on the cheap rentals list is Blackburn North at $184, followed by Kilsyth at $185 and Blackburn at $185. The prices in these suburbs all come in way below the national median weekly rental cost, which is $290. So it looks like Melbourne's outer east is the place to be to save your moola.
But with the way the economy is heading, you'd better nab a cheap rental quickly, before everyone catches on. The survey results found that more and more people are turning to share house living, amid the cost of living crisis and the tight rental market. Almost half of all respondents said the main reason they chose to live with others was simply because they couldn't afford to live on their own. This goes for both renters and homeowners, who are choosing to lease spare rooms to offset rising interest rates and financial challenges. Flatmates.com.au reported that the fastest-growing demographic of members on their site in the last year was the 55 to 64-year-old bracket, followed by the 65 to 74-year-olds.
"Australians are looking for new ways to navigate the rental crisis and tackle the rising cost of living," says Flatmates.com.au community manager Claudia Conley. "Over the past year, our audience has grown in size and diversity, and with the peak season for share accommodation at our doorstep, we expect demand for share house living to grow."
"Share accommodation is a long-term and legitimate way to live for many Australians, and until more homes are built to keep up with the demand for rentals, we expect share accommodation to remain popular."
So if you've got a good deal on your share house, consider yourself lucky. And if not, maybe it's time to pay a visit to one of these suburbs and see if you can nab a bargain rental – good luck! And hey, living in a share house isn't all bad – you've got live-in besties and there's always someone to binge-watch Netflix with. Now that doesn't sound too bad to us.
The top ten cheapest suburbs in Melbourne to rent a room by median weekly room price:
Coburg North: $180
Ringwood East: $180
Blackburn North: $184
Kilsyth: $185
Blackburn: $195
Glen Huntly: $195
Rockbank: $195
Hastings: $200
Hoppers Crossing: $200
Kew East: $200