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New way Aussies are covering their rent

A group of young Aussies have created a new way for Gen Z’s to cover their rent while they are on holiday.

Nesteek rent
A new platform is allowing young Aussies to cover their rent while they are away on holiday. (Source: Nesteek/Getty)

With Aussies facing massive rent hikes, high travel costs and cost-of-living pressures, one group of university students has created a way to offset some of these costs while travelling.

Four University of Technology Sydney students have launched Nesteek, a platform that allows young Aussies to cover their rent when they are on holiday.

The group is hoping to provide an alternative to Airbnb, which they say is geared towards home owners and landlords who are looking to turn their property into a business.

Nesteek co-founder and CEO Keith Schembri said most young professionals and students couldn’t afford to travel and pay rent at the same time.

“My generation is virtually penniless after paying their rent, but we deserve the same opportunities as any other generation, to enjoy life, create new experiences, and explore other cultures,” Schembri said.

“The pandemic robbed us of our gap years, our festivals, our holiday romances. We want to move on, but travel still seems out of reach.”

Nesteek shouldn’t be used as a “side-hustle or business opportunity”, Schembri said. Instead, young Aussies should only look to cover the cost of their rent, from a single renter, while they are away.

“Travel wasn’t an issue for millennials, because flight prices fell sharply and Airbnb arrived on the scene to make accommodation more open and affordable to all. This is no longer the case today,” Schembri said.

Nesteek currently has listings for Sydney only, with prices now ranging from $280 to $1,200 per week, for either a room or whole place. Stays are for less than three months only.

Aussies can list their home free and Nesteek says there are no costs to listers. Funds are automatically deducted from their guests’ bank accounts a week before their stay.

It comes as rent prices skyrocket. Last year, rents increased 10.2 per cent across Australia to a median of $555 per week.

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