Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Australia has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for this growth is the increasing demand for rental properties in Australia. Many individuals and families are opting to rent rather than buy a home due to various factors such as financial flexibility, lifestyle choices, and the desire to avoid the responsibilities of homeownership. Additionally, the rising cost of housing in Australia has made renting a more affordable option for many people.
Trends in the market: Another trend in the residential real estate leases market in Australia is the increasing popularity of long-term leases. Many tenants are now seeking stability and security by signing longer lease agreements, which can range from 12 months to several years. This trend is driven by the desire to avoid frequent moves and the associated costs, as well as the need for stability in an uncertain economic climate.
Local special circumstances: Australia's growing population, particularly in major cities such as Sydney and Melbourne, has also contributed to the development of the residential real estate leases market. As more people move to these cities for employment and lifestyle opportunities, the demand for rental properties has increased significantly. This has led to a competitive rental market, with landlords often receiving multiple applications for their properties.
Underlying macroeconomic factors: Several macroeconomic factors have also influenced the growth of the residential real estate leases market in Australia. The low interest rate environment has made it more difficult for individuals to enter the property market, leading to an increase in demand for rental properties. Additionally, the impact of the COVID-19 pandemic has caused economic uncertainty and job insecurity, prompting many individuals to delay purchasing a home and opt for renting instead. In conclusion, the residential real estate leases market in Australia has experienced significant growth due to customer preferences for rental properties, the increasing popularity of long-term leases, the growing population in major cities, and underlying macroeconomic factors such as low interest rates and the impact of the COVID-19 pandemic.
Data coverage:
Figures are based on total and average revenue of residential apartment leases.Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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