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Renter of the Future McCrindle Research for Optus

RESEARCH OBJECTIVES <br>In December 2015 Optus commissioned McCrindle Research to conduct research into the attitudes, behaviours, and technology trends of Australian renters. This report provides a brief top-line overview of the key findings of the Renter of the Future study. <br>RESEARCH METHODOLOGY <br>Renter of the Future: A snapshot of the sentiment, attitudes, and behaviours of Australian renters is the collation of data gained through a quantitative survey launched to a national panel of Australians who are renting. This survey was in field from 2nd December to 7th December, yielding 1,007 completed responses across Australia’s capital city and major city areas. <br><br>  <br>RESULTS <br>Choice Renters versus Forced Renters <br><br>3 in 10 Australian renters (30%) choose to rent because of the lifestyle, regardless of whether they can buy or not. <br>Throughout this report, the 70% of Australian renters who selected that they are ‘forced to rent’ are called Forced Renters, and the remaining 30% are called Choice Renters. <br><br>  <br>Technology purchase behaviour <br><br>1 in 7 (14%) keep up to date with the latest technology and usually have the latest model. <br>A further 3 in 10 (30%) are somewhat aware of technology improvements and will get the latest model where possible. <br>Those either keep up to date with the latest technology or are somewhat aware of technology improvements are defined as Early Adopters with the rest being defined as Convenience Adopters. <br><br><br><br>Stability Renters versus Flexibility Renters <br><br>Stability Renters are those who prefer to live in the same place for as long as they can or prefer staying in the same place for a while but are open to moving when convenience requires it. Those in the other two categories are defined as Flexibility Renters. <br>Australians prefer stability (first two options; 73%) over flexibility (latter two options; 27%) with almost 2 in 5 (37%) preferring to live in the same place as long as they can. <br><br><br><br><br><br>Location versus the home itself <br><br>The location and area matter more than the building and home itself to 3 in 5 Australian renters (60%) with the remaining 2 in 5 (40%) indicating that the building and home itself matter more than the location and area. <br>  <br>Renter behaviour <br><br>In the past 12 months almost 3 in 5 (58%) respondents had contacted someone to make repairs at least once, almost 3 in 10 (29%) had played loud music that neighbours could hear and more than half (52%) had ordered takeaway online.

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Renter of the Future McCrindle Research for Optus

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  1. THE RENTER OF THE FUTURE A SNAPSHOT OF THE LIFESTYLE OF AUSTRALIAN RENTERS Nationally there are almost 7 million Australians living in rented homes, which makes renters a massive demographic and economic force in Australia. Renters are almost 10 years younger than home owners, are twice as likely to live in medium and high density accommodation, and move at four times the frequency of those paying off a mortgage. Three in 10 of these households are choice renters and for them the Aussie dream is not owning their own home; as renters they are already living their dream lifestyle. These ‘choice renters’ are three times more likely to be tech savvy early adopters with more devices. - Mark McCrindle, Social Researcher WHO ARE AUSTRALIA’S RENTERS? All Australians Australian renters HOME OWNERSHIP WHERE AUSTRALIAN RENTERS LIVE AGE Renters are significantly younger than non-renters: 30% of Australians rent, 42% own their home with a mortgage, and 28% fully own their home. 35.1 44.7 63% 14% 22% The median age of adults living in a rented home is 35.1 years The median age of adults living in all private dwellings is 44.7 years 30% 42% 28% Detached house Semi-detached house VS. Apartments or units Rent Mortgage Own outright INTERNET 18% of rentals have no internet connection, compared to 13% of all Australian homes. TENURE 77% 8% 10% 18% The average renter stays in their home for just 1.8 years. This compares to 8 years for those who own their home with a mortgage and 18 years for those who own their home outright. ALL AUSTRALIANS (regardless if renting or owning their home) AUSTRALIA’S FOUR RENTAL PERSONALITIES WHICH RENTAL PERSONALITY ARE YOU? LEGEND Z: Generation Z Y: Generation Y X: Generation X BB: Baby boomers B: Builders HD: High density MD: Medium density DH: Detached house Choice Renters: choose to rent because of the lifestyle PRAGMATIC LIFESTYLERS (PL) You’ve been renting for quite some time and are happy to be doing so. Taking the unconventional route against home ownership, or perhaps choosing to invest elsewhere, you’ve chosen to focus on other things than paying a mortgage or staying up to date with the latest tech trends. TECH LIFESTYLERS (TL) 30% You’re on the move and like to stay with the times, digitally connected and probably working full-time. You keep your options open and would seriously consider moving somewhere else if provided with the opportunity. You’re likely living in an apartment amidst the hustle and bustle of the city. Choose to rent HD MD DH Z Y X BB B Z Y X BB B HD MD DH 12% 18% 44%26% 56% Convenience Adopters of technology: get the most out of their devices and only update when they need to 44% Convenience adopters Early adopters Early Adopters of technology: keep up to date with the latest technology and where possible have the latest model. Z Y X BB B HD MD DH Z Y X BB B HD MD DH PRAGMATIC HOMESEEKERS (PH) You feel like you’ve missed the boat when it comes to the real estate market, and now it might be too late to get started on that mortgage. You might have spent decades renting, or are renting again after having settled somewhere else. Your preference is to update your devices only as needed – you’re secure enough to know you don’t need the latest gadget. TECH HOMESEEKERS (TH) You stay connected online and love keeping up with technology. You’ve been renting for a few years and would be keen to settle down if you could afford to buy a place in the area that you love. You’re motivated by the location you live in and if the opportunity provided itself to stay there, you’d be keen to. Forced to rent 70% Forced Renters: say they are forced to rent TO STAY OR TO GO? 73% 27% STABILITY FLEXIBILITY Tech Lifestyler Tech Homeseeker Pragmatic Lifestyler 38% 62% ARE STABILITY RENTERS prefer to stay in the same place for a while 66% 34% 74% 26% ARE FLEXIBILITY RENTERS like the flexibility of moving when they want to Pragmatic Homeseeker 91% 9%

  2. THE RENTER OF THE FUTURE WHAT AUSTRALIANS LOOK FOR IN RENTAL PROPERTIES THE BEST THINGS ABOUT RENTING 38% The ability to change locations/ suburbs easily 24% Easier to upsize or downsize as needed 18% Flexibility to travel for extended periods of time TOP 5 LIFESTYLE FEATURES RENTERS LOOK FOR ACCESS TO CABLE INTERNET 35% 39% 23% 27% TL TH PL PH 1. 38% Allocated parking spaces 2. 32% The ability to have pets 3. 31% Access to cable internet STRENGTH OF MOBILE PHONE SIGNAL 29% 28% 28% 21% TL TH PL PH 4. 25% The strength of a mobile phone signal 5. 22% The number of power points within rooms INTERNET & POWER POINTS Forced Renters and Stability Renters are more likely to find the inability to change the positioning of power points to be irritating than Choice Renters and Flexibility Renters. FORCED RENTERS (HOMESEEKERS) 28% 15% CHOICE RENTERS (LIFESTYLERS) 32% STABILITY RENTERS 26% 19% of renters say that one of the most irritating things about moving into a new rental property is the time it takes to connect the internet. FLEXIBILITY RENTERS FEELS LIKE HOME: Top ways Australian renters have changed their homes 50% 40% 30% 20% 10% 0% 46% Hung photo frames or artwork 35% Added rugs to floors 29% Updated curtains 17% Created additional storage 17% Changed light fixtures 15% Painted walls

  3. THE RENTER OF THE FUTURE RENTER BEHAVIOUR AND TECH AUSTRALIA'S TECH-SAVVY RENTERS RELY ON INTERNET CONNECTIVITY TO CARRY OUT EVERYDAY TASKS. TECH LIFESTYLERS: Tech Lifestyler Average Australian renter 66% 32% 31% 27% have ordered takeaway online in the last year at least once (38% more than once) have caught a lift with a rideshare driver in the last year at least once (14% more than once) have hired someone to do personal tasks at least once in the last year (11% more than once) have used an online site to rent their room/unit out in the last year (11% more than once) 66% 32% 31% 27% 52% 15% 12% 8% RENTER BEHAVIOUR At least once in the last year Tech Lifestyler Tech Homeseeker Pragmatic Lifestyler Pragmatic Homeseeker 70% Average Australian renter 60% 50% 40% 30% 20% 10% 0 RENTED THEIR ROOM / UNIT OUT ORDERED TAKEAWAY ONLINE CAUGHT A LIFT WITH A RIDESHARE DRIVER HIRED SOMEONE TO DO PERSONAL TASKS FLEXIBILITY RENTERS VS. STABILITY RENTERS Flexibility Renter Stability Renter 70% 60% 50% 40% 30% 20% 10% 0 ORDERED TAKEAWAY ONLINE CAUGHT A LIFT WITH A RIDESHARE DRIVER HIRED SOMEONE TO DO PERSONAL TASKS RENTED THEIR ROOM / UNIT OUT

  4. THE RENTER OF THE FUTURE DEVICES IN AUSTRALIAN HOUSEHOLDS IN AUSTRALIAN RENTAL HOUSEHOLDS, ON AVERAGE, EACH ADULT OWNS: 1.1 SMARTPHONES 0.6 TABLETS 1.0 LAPTOPS ON AVERAGE, THE TECH LIFESTYLER OWNS: 1.4 SMARTPHONES 0.8 TABLETS 1.2 LAPTOPS 0.2 SMART WATCHES 0.5 SMART TVs TECH LIFESTYLERS HAVE: +2.7x +1.5x +1.31x +1.26x 2.7x more smart watches than the average Australian renter 1.5x more smart TVs than the average Australian renter 1.31x more tablets than the average Australian renter 1.26x more smartphones than the average Australian renter DEVICE OWNERSHIP Tech Lifestyler Tech Homeseeker Pragmatic Lifestyler Pragmatic Homeseeker 1.5 Average Australian renter 1.0 0.5 0 SMARTPHONES TABLETS SMART TVs SMART WATCHES FLEXIBILITY RENTERS HAVE: 33% STABILITY RENTERS HAVE: 21% 45% 35% more smartphones per person than Stability Renters more tablets per person than Stability Renters more laptops per person than Stability Renters more desktop computers per person than Flexibility Renters METHODOLOGY: Infographic by Commissioned by McCrindle survey to 1,007 Australians renting in Australia’s capital and major cities, in field from 2nd to 7th December 2015.

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