2021 Census figures were released recently and, unsurprisingly, figures indicate the strong need for housing across the country. The nation’s population has doubled over the past 50 years, with official census figures finding our population now sits at 25.4 million, of which 2.8 million identified as living in a rented property.
Results from the census also found that Millennials (25-30 years) have grown to be as significant a cohort as Baby Boomers (55-74 years).
While home ownership did increase since the previous census in 2016, the demand for property is likely to remain steady for some time.
With the population growing, and the need for property ever present for a great number of Australians, finding suitable property to be held as private rentals will undoubtedly be priority requirement in the coming years.
Housing is a basic need, and unavailability of it is troubling for an increasing proportion of the population. The role private landlords play in providing suitable housing has never been more important.
As we come to the end of another financial year, perhaps it is time for you to review your property portfolio, and perhaps even expand if you’re in a position to do so.
For many Australians, owning a property may simply not be on their radar at present, but the need for a home – a rental – will continue to be there.
Another interesting piece of data coming out of the 2021 census is that the number of single parent families has increased to more than 1 million. With household sizes on the decline, the potential for units and smaller dwellings to become a popular option for renters is likely.
Regardless of whether you are a one-property landlord, or multiple property landlord, providing suitable housing to everyday Australians has never been more important.