Rent a new jet.
Rent a rental car.
Buy a car.
There’s no shortage of opportunities to boost your income.
And the demand is getting bigger.
In the latest sign of demand for housing, new rental and mortgage rates have jumped in the past year.
But the trend is not limited to the big-ticket items, such as homes and cars.
Newcomers to the rental and home market have had a hard time finding a mortgage or a rental property, according to mortgage broker John Murphy of Murphy Financial Services.
“The market is still very strong,” Mr Murphy said.
“People are looking for the cheapest rates.
If you’re just looking for a place to live, the average price per month is $1,000.
The average rate for a first-time buyer is $5,200 a month.
People are getting a bit more creative with their money, looking at the rental property as an alternative to buying a home.”
For some, buying a second home is a more realistic option, as they can now afford the house.
But for others, a bigger boost to their income may come from buying a property.
“It’s not a new trend, but we’re seeing the boom in people getting into the rental market,” Mr Murphy said.
Newcomers can also get a boost to income by finding cheaper accommodation, he said.
And many people who are looking to expand their business may find it easier to do so with a rental rather than buying.
“Many people are looking at apartments, or they’re looking at new places to live and they’re just starting out,” Mr Tully said.
Renters will need to be more cautious about how much money they make.
“When you’re in the market, you don’t want to just get on a plane, rent a house or buy a car, you want to be able to rent,” Mr Munro said.
The Australian Bureau of Statistics’ National Household Survey shows that the average household earned $46,838 in February.
That’s up 2.5 per cent on a year ago.
That was the first increase in the survey since December.
The average salary for a worker aged 15-64 in Australia was $52,852.
The ABS data also shows that Australia’s population is growing by a projected 3.6 per cent over the next five years.
But there are also concerns over a potential slowdown in growth in the next few years, particularly in New South Wales and Queensland, and a slowdown in economic growth in other parts of the country.
But it’s the rental boom that’s attracting people.
“The big-city rental market is booming,” Mr Murnaghan said.