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Daily Buzz: Thursday, 9 November
PropertyBuzz, your daily dose of property news.
RentTech Platforms Accused of Ruthless Data Gouging, Share House Listings skyrocket, and Was the RBA’s Cup Day Rate Rise Justified?
Daily Buzz: Thursday, 9 November
PropertyBuzz, your daily dose of property news.
RentTech Platforms Accused of Ruthless Data Gouging, Share House Listings skyrocket, and Was the RBA’s Cup Day Rate Rise Justified?
Welcome to Property Buzz!
Today is Thursday, the ninth of November – and third-party rental application platforms, otherwise known as RentTech apps, have been criticized by consumer advocacy group CHOICE for forcing renters to disclose excessive private information.
– Renters report that these platforms ask for extensive personal data, including employment history, family details, and financial information, even before being shortlisted for a property.
– A CHOICE report found that more than 40 per cent of respondents felt pressured to use a RentTech platform by their agent or landlord, and nearly 60 per cent of of landlords were advised to use these platforms by their agents.
– Critics argue that these platforms pose significant privacy and digital security risks, and that companies should consider the impact of the housing crisis on customers.
Speaking of the housing crisis, Australians are increasingly seeking shared accommodation, reversing a pandemic-era trend of solo living, according to flatmates.com.au.
– The platform saw an eleven per cent increase in individuals seeking lodgings in October, and a 15 per cent increase compared to the same month in 2022. Rental share listings also rose by nearly 10 per cent over the month.
According to the survey, some of this demand is coming from homeowners seeking housemates to help with costs.
– While the return of migration and a growing student population have contributed to demand for shared accommodation, availability is patchy, with demand outstripping supply in areas like Sydney and Perth.
And now we turn our attention to this week’s cash rate rise, which has been widely panned.
– The rate hike, the 13th since the cycle began last year, is expected to negatively impact rental affordability and Australians with loans or mortgages, according to Hayden Groves, president of the Real Estate Institute of Australia.
– The decision could also dampen consumer sentiment and housing market activity, with first home buyers and new housing supply potentially being hit hardest, according to CoreLogic.
– Other industry figures have also argued that the rate rise is premature and will constrain new home building, with concerns even raised around the psychological impact of further raises on Australians.
That’s all for today.
See you again tomorrow, the tenth of November, for your daily dose of Property Buzz.
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