Aussie couples are shacking up early to share costs
What is love? It's sharing expenses say young renters.
Australians are rushing to shack up and move in together, not because of love and emotions but to ease the pain of rising bills.
New research by Finder found that 15% of recent renters had sped up plans to move in with their partner, with 10% saying it was to make rent more affordable.
That's equivalent to 290,000 that have rushed romance in order to counteract the rising cost of living.
The data showed 3% moved in together to improve their chances of a rental or home loan approval, while 2% decided to share their bed for other reasons.
It comes as rents increased by 2.5% nationally over the last quarter according to the latest data from CoreLogic.
The annual growth rate equated to tenants spending an extra $52 a week on rent, or an additional $2757 per year.
Sydney has become the nation's most expensive place to rent, with an average price of just under $700 per week after a 3.4% increase over the quarter.
Canberra was second with a median rent of $674 and taking out third was Brisbane with a median rent of $599.
Money expert at Finder, Sarah Megginson, says the current rental crisis, mixed with living costs, had seen people look at cutting expenses.
"It's not surprising to see this rental crunch is prompting some people to turn to alternative living situations to cut down on expenses," she says.
Younger people are rushing to move in, with one in three Gen Z Aussies moving in together compared to just 17% of millennials.
But Megginson warns that while it may be a quick fix now, it could quickly go sour.
"Couples are more frequently pairing up to increase their chances of approval, but if the relationship goes south, it could be extremely complicated for individuals to part ways."
Megginson says that while you're unlikely to discuss debt during a first date, it was important to understand your partner's relationship with money.
"There needs to be an open discussion before things get serious," she says.
"Learn about how the person you're dating manages debt and their money habits in general before you move in together."
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