A Canberra real estate agent says the rising cost of moving is prompting renters to remain in their current properties for longer periods, leading to reduced turnover in the rental market.
Rising Moving Expenses Impact Renter Behaviour
According to the agent, the financial burden associated with relocating—including removalist fees, bond payments, and connection costs for utilities—is discouraging tenants from moving frequently. This trend is particularly noticeable among families and professionals who face significant expenses when changing homes.
The agent noted that many renters are now choosing to renew leases rather than incur the costs of moving to a new property. This shift in behaviour is contributing to longer average tenancy durations across the city.
Market Implications
Longer tenancies mean fewer properties become available for new renters, which can tighten the rental market and potentially push up rents. Landlords may also benefit from reduced vacancy periods and lower turnover costs.
However, the agent warned that the trend could disadvantage those who need to move for work or personal reasons, as they face higher costs and limited options.
The agent attributed the rising moving costs to inflation and increased demand for removalist services, as well as higher rental bond requirements in a competitive market.
Advice for Renters
Renters considering a move are advised to budget carefully for all associated expenses and to negotiate with landlords for longer lease terms to avoid frequent moves. The agent also suggested that tenants could seek assistance from government rental assistance programs if eligible.
Overall, the trend reflects broader economic pressures affecting Canberra's housing market, with moving costs becoming a significant factor in renter decision-making.
