Housing Crisis Creates Financial Hardship for International Students as Rents Surge in Australia
Table of Contents
– A recent report revealed that rent rates in Australia have increased by 7.9% from 2021 to 2022, exacerbating the housing crisis, according to real estate firm BONARD. Both private rentals and purpose-built student housing were affected across all states.
– An international student, Vidushi, shared that her rent for purpose-built housing was A$165 per week just four years ago. However, that same room costs her around A$300 per week today, nearly double the original rate. She stated this has significantly impacted her budget.
– Moreover, Australia’s pre-existing housing shortage has collided with many international students returning post-pandemic. Consequently, this has driven weekly rents up to A$600 for a single room in expensive suburbs.
– Additionally, Professor Alan Morris said Australia’s reputation among international students has been “dented” by the housing crisis. He noted that while purpose-built housing offers predictability, the costs are incredibly high.
– Furthermore, an analysis by news.com.au found that after paying a median rent of A$500 per week in capital cities, international students are left with only about A$13 per week for other expenses.
News in Detail:
Noteworthy data from BONARD, a real estate company, shows that Australian rent prices jumped 7.9% between 2021 and 2022. The hike intensifies the existing housing crisis, intensely straining the finances of international students living in private rentals and student accommodations in all Australian states.
Vidushi, an international student in Sydney, shared an example. Her student accommodation rent was A$165 a week four years ago. Now, she pays almost A$300 a week for the same room. She mentioned to SBS that it had upset her budget.
Meanwhile, Australia’s pre-existing affordable housing deficit crashes into the sudden wave of international students coming back after pandemic border openings. This clash inflates weekly rents to unreasonable levels, pushing costs up to A$600 for a single room in some of Sydney and Melbourne’s pricier neighbourhoods.
Furthermore, Professor Alan Morris from the University of Technology Sydney points out that this growing housing crisis has damaged Australia’s attractiveness to international students. While student accommodations can offer predictability, escalating rents are a significant deterrent – a situation he compared to the “McDonald’s of student housing”.
According to a study by news.com.au, international students in Australia only have a measly A$13 per week after paying a median rent of A$500 in the capital cities. It is for all other living costs. The climbing rents are coming up much faster than income growth. Experts are worried that Australia might price out these valuable international students.
An analysis reveals a 7.9% increase in Australian rent from 2021-2022, making housing unaffordable for foreign learners. Before the pandemic, rents stood at A$165/week, almost doubling to A$300/week. Students are left with only A$13/week for other expenses after paying the average city rent of A$500/week. Experts fear housing costs hurt Australia’s reputation, as these charges surpass student salaries.