In Australia, rental prices are soaring at an alarming rate, and year-on-year increases across all states, has resulted in a challenging market. Across the country, many hopeful renters are spending hours queueing to view properties, and as homes in particular suburbs increase in price and popularity, a large portion are being pushed out by a demand that far exceeds supply. 

While the adage, ‘location, location, location’, once had a stronghold over the rental landscape and was the go-to search function, those in the market for a new place to call home are becoming more open to exploring properties that appeal to, and benefit their wants, needs and preferences. We’re seeing attitudes shift, with many Aussies prioritising lifestyle over locale. For Gen Z and Millennial renters in particular, factors such as shorter commutes, additional amenities and what’s around the neighbourhood (access to entertainment, dining, shopping, the gym) are proving just as integral. 

Yet while renters are happy to cast their nets wider, many mainstream property portals are geared at post code and price, which can be problematic for those trying to navigate a tricky rental market. For example, if you’ve always lived in the East of Melbourne, chances are – when exploring a new rental property – you will likely carry on searching in that area because it’s what you know. Over the other side of Melbourne there might be a property that fits your needs, waiting to be discovered, yet it isn’t being served up because of outdated search algorithms. With advancements in AI, those in search of a new rental property will soon be provided more options, with modern property platforms looking to utilise UX design to identify user preferences outside of ‘location’. AI proptech is set to become so advanced, that platforms will be able to identify that a user, ‘wants to live no more than 5 kms from the CBD, needs to be close to public transport and prefers a house with a yard,’ opening up the property search exchange significantly and maximising opportunities in the North, South, East and West – including properties that you may have never found on the property search engines of yesteryear. 

We’ve seen this type of UX design work incredibly well in the dating App sphere and the familiar ‘swipe left, swipe right’ become a modern-day search function, enabling AI to recognise patterns and accurately predict user behaviours. This design translates well into the property exchange, offering users a quick and convenient way to search with a simple swipe, in turn showing more properties that fit within budget and lifestyle based on taste. PropertyMate’s App is the first to market in Australia to leverage this swipe design which we are very excited about. 

In the past, navigating your way to finding a new rental property has been clunky and time consuming – a chore. A new means and opportunity to search for and discover more homes will be welcomed by renters, landlords and agents.