LANDLORDS are the ones benefiting from increases in the age of first marriages, as research reveals how we are are clocking up more time renting.
New research reveals as the age of marriage gets higher, so does the length of time people are in the rental market.
Newly released analysis of research by Matthew Lovering of Australian Housing and Urban Research Institute found that because people are marrying later they are also buying their first property later in life. He found between 1981 and 2012 the percentage of people owning or buying their home in the 25 to 34-year-old age group, which was the age when traditionally most households bought their first home, dropped by nearly 20 percentage points. Between 2005 and 2012 the number of renters increased by 78 per cent.
Mr Lovering’s report says despite the number of people aged between 15 and 24 increasing by almost 380,000 people during that period, the number of home buyers and owners actually dropped. “Instead, these young adults seem to have decided to stay in the family home,’’ he says. Otherwise they were renting in share houses.
His research also found the number of households who have rented for more than ten years, had also increased. “While we can’t say the precise reasons why young adults are renting for longer or not forming households, we can show that young adults are marrying later and delaying having children. “People getting married later does relate to people renting for longer, as research shows that married couples are more likely to buy a house together than unmarried couples.’’ Mr Lovering’s report says couples also stop renting and buy a home when planning for the birth of their first child.
Thank you Maggie.
I am honestly so grateful for all of your hard work and honestly your level of expertise is evident by how fast you were able to get my property tenanted.