3 ways to beat rental stress

One of the top 10 stresses being experienced by Victorians is rental stress. Finding suitable ways to beat rental stress, is not easy. With high interest rates and soaring cost of living, investors are forced to increase rent to cover their mortgage. This can cause tenants to experience increased stress and anxiety, which are harmful to their well-being.

In this article, we take a glimpse at case studies of renters who have found successful ways to beat rental stress and how they achieved it without compromising. These case studies will get you thinking about ways you can beat rental stress. For qualified financial guidance, see a financial advisor. If you’re situation is dire, seek free financial counselling in Melbourne and regional Victoria.

Moving into shared rental to beat rental stress

One young man had big dreams he didn’t want to give up. He wanted to rent a beachside property with beach views. This is how he beat rental stress without compromising on his dreams.

The young man found a 5-bedroom contemporary home which had come up for rent three doors from the beach with bay views. By himself, he had no capacity to maintain paying such high rent. The repayments were equivalent to having a significant mortgage.

Instead of resigning himself to living somewhere he didn’t want to live, he found four friends who were also looking to rent and together they applied for the property. The application was successful, they all moved in, and he was living his dream. His rental payments were a third of what it would have cost him to rent a one-bedroom apartment in a similar location.

Relocating to a more affordable area

Some people prefer to live alone and enjoy their own space. One young woman who had an average paying job wanted to live in South East Melbourne close to the city and the bay. Renting a one-bedroom apartment in the suburb she loved, was out of reach. She reassessed her priorities. The two highest priorities were living by herself and living in the city of Melbourne. As long as she was in Melbourne, she would be happy. Being bayside, was a lesser priority.

After resigning herself to the fact that she was dictated to by price, the young woman settled on a completely different area of Melbourne. She found a lovely one-bedroom unit near the Dandenongs. The rent was affordable, the area was peaceful and she was happy. She was still living her dream: she was in Melbourne, despite not being near the bay. Her rental payments ended up being significantly less than what they would have been if she’d made the bayside her priority.

Moving back in with parents

A man in his 30’s had a good paying job working for a disability provider, but was still struggling to meet rent repayments. He had chosen a property in an exclusive suburb of Melbourne to live the life, but the cost of rent far exceeded his capacity to maintain paying it. Over time it had caught up with him. Finding a housemate, was not an option. Relocating was also not an option. He wanted his own space in this elite suburb.

He weighed up his options, and like a cleverly thought-out chess move, decided to talk to his parents about moving back in with them for a year. They lived in the same suburb which meant he was still living where he wanted. His parents welcomed him back and he was able to make it work. The move gave him time to save money and rethink plans for his short-term future.

Free financial counselling in Melbourne from Better Place Australia

If you are experiencing rental stress but you don’t have a solution, it’s better to seek free financial counselling in Melbourne now. Not doing anything, can lead to further complications and difficulties.

Whether it’s rental stress, mortgage stress, difficulty repaying a personal loan or some other financial matter, Better Place Australia financial counselling service provides free financial counselling in Melbourne and regional Victoria to those who qualify.

Make an online enquiry with Better Place Australia.

Watch the video case study snapshot. Financial Counselling Team Leader Christine shares how she supported and mediated for a woman who was in trouble with her personal loan repayments.

Listen to the podcast for a more detailed account.