Rental crisis: 120 people competing for 1 room in a sharehouse in Brisbane

There is a record-high demand for sharehouse living, with up to 120 people competing for the same room in some Queensland suburbs.

According to recent data from Flatmates.com.au, May was the busiest month on record for the website, with 69,400 new users signing up, up more than 36% from April and startlingly 103% higher than a year ago.

With 119 property seekers for every available room, Holland Park in south Brisbane has one of the highest ratios in the nation. Milton and Mount Gravatt are next.

According to a quick search on Flatmates.com.au, a sharehouse room in Holland Park costs about $300 per week, including bills, but that amount rises to $650 per week in a neighbourhood like Spring Hill.

There are currently 149 people searching for a room in a share-house in the Townsville area, but none are available.

Only three rooms are available per 123 people looking for one in Caloundra on the Sunshine Coast, and on the Gold Coast, Nobby Beach and Broadbeach are the most sought-after neighbourhoods for renters looking for a room.

A room in a flat-share in Broadbeach can cost anywhere from $225 to $500 per week, including bills.

According to statistics provided by Flatmates.com.au community manager Claudia Conley, more Queenslanders are considering house sharing due to a fiercely competitive rental market, an increase in living costs, and a lack of available rooms.

In Brisbane, according to Ms. Conley, there were more than eight people competing for each available room, though this number was much higher in more populated areas.

With 4200 rooms currently available, the median rent for a sharehouse room in Brisbane has increased by 18% from a year ago to $260 per week.

That might seem like a lot, but the demand is still growing, so it's not, Ms. Conley said.

"We'd love to see more homeowners or empty nesters rent out their unused spare rooms to generate some extra income. Having a room in Paddington, Brisbane, could bring in $253 per week. Other advantages include safety, the ability to split expenses and chores, and companionship.

The fact that members aged 45 to 65 make up Flatmates.com.au's fastest-growing demographic, with a 10% increase since May 2014, was described as "really surprising" by Ms. Conley.

According to PropTrack's most recent Market Insight Report, the percentage of all properties listed for rent on realestate.com.au for less than $400 per week fell to 16.2% in March, the lowest percentage since 2018.

In March, the median number of days that rental homes were up for rent nationwide also fell to a record-low low of just 18 days.

Eleanor Creagh, senior economist at Credit Suisse, stated that renters today face a lack of options, intense competition, properties being leased at a record pace, and higher average rents.

She claimed that increasing migration was fueling demand, which continued to outpace the supply of readily available.