With median buying prices reaching record highs across Sydney over the last few years, the idea of affording the deposit for a property, let alone paying off a mortgage, is an unattainable dream for many. In a market where millennials (and numerous others) are not able to afford a property, do people now prioritise luxury apartments for rent over saving for a deposit?
According to the Australian Bureau of Statistic’s 2016 census data, more than half of Sydney’s households are rented, with two-thirds of Parramatta’s population is living in rental accommodation. According to the Knight Frank report, Multihousing – Tenant and Investor Survey 2018, 41% of those surveyed said they rented by choice and 64% believed they would still be renting in three years’ time.
So, with long-term renting a reality for many, what do tenants desire in the current landscape?
Smart Homes & Mod Cons
We live in an undeniably digital age where everything is built for convenience, with today’s renters wanting to be able to turn on the heating during their commute home. They want to be able to access security remotely, link their music to the home speaker system and preheat the oven from the sofa. All of these things are possible in 2018, and landlords need to be able to provide all of these features to remain competitive.
Smart or not, mod cons are vital to today’s rental market. According to the Knight Frank report, 46% of renters under 40 would pay more for high-end modern kitchen appliances and 50% would pay higher rents for reverse cycle air conditioning.
According to the report, location is more important than the size of the property for renters under the age of 34. Easy access to transport links was cited as a key priority for 30% of renters in this demographic.
Achieving a work-life balance is an increasingly important factor for many. Living within a short commute from work is therefore a priority. Arc by Crown Group is located in the heart of Sydney’s CBD with Barangaroo only a few minutes walk away. These apartments for rent in Sydney offer fabulous views and endless dining options within easy reach from Sydney’s central business hub.
Living in a luxury apartment however, is merely one factor to consider; having a space to relax, exercise and enjoy nature within easy reach is now a priority for many. The Frank Knight report showed that 35% of those surveyed would pay higher rates for a swimming pool with this rising to 47% in the under 40 market. 40% of those under 40 also said they would pay more for an on-site gym.
Environmentally focused designs and buildings offering plenty of green sanctuaries are also in increasing demand. Australian Councils have even started implementing mandatory greening requirements to encourage architects and developers to incorporate nature into the complexion of their buildings. Communal areas and outdoor spaces where people can relax and immerse themselves in nature are therefore becoming a lifestyle necessity.
Infinity by Crown Group offers luxury apartments in Sydney’s Green Square complete with rooftop gardens, sky lounge and an infinity pool. So much more than just a home, it also offers secluded entertainment areas, a private music room, conference auditorium and performance theatre in-house.
Our Eastlakes Live by Crown Group community village also offers more than the convenience of living on top of a shopping center. With a 25m infinity pool, state-of-the-art gym, BBQ facilities, function room, landscape garden, rooftop lounge and several water features, this luxury apartment complex allows you to retreat into tranquility whilst still in the heart of Australia’s most vibrant city.