Rental Property And Rental Market In Australia: An Analysis Of Personalities And Demographics

Discuss about the Rental Property and Rental Market in Australia.

The choice of rental property is very crucial, especially for working class individuals as the choice affects the productivity as well as the convenience at work. The market forces drive the rental market in Australia just like any other market. These forces also come with a variety of factors ranging from distance to the amount of rent charged. The survey made sure it covered all these factors through listing on them among the survey questions

These factors, the six of them, included, rent amounts, the number of bedrooms, and nature of the kitchen, parking space, furnishing, and renovation as well as the distance from the city center. Moreover, the survey connected the result on the choices to the personalities through including questions on their opinions, the level of education, as well as their occupation(Cherry, 20115).

This paper will analyze the personality of three individuals concerning their choice on rental property and try to determine the kind of property that these individuals are likely to go for.

Personality is the characteristics of an individual that makes him/her different from the others. These characteristics add up to the individual’s behavior and emotions.

According to Freud’s theory of personality, a person’s personality is shaped by the several factors that an individual interacts with. These factors include, instinctual drive, unconscious processes to early childhood influences. He further adds that the individual’s personality is largely determined by his/her first five years of development in life.

Another theory known as the tripartite theory of personality argues that personality is composed of three parts, these are id, ego, and super ego, and all of them develop at different stages of life(Easthope, 2014).

Respondent 2 is a male aged 54, a senior manager at a bank. The respondent is divorced and has a daughter who also has a contribution in making choices about the rental property. He also lives in Australia and makes a pretax income of $ 198,000 Australian dollars. The respondent prefers option 4, which contains a three-bedroom apartment, with one kitchen, two bedrooms, and two secured car space, modern renovation and unfurnished. According to the theories of personalities, judging on the reaction to the statements on the survey, the respondent seems to base his choice of rental property on his extroverted character, openness to new experience as well as sympathy and kindness(Slade, 2012). The sympathy and kindness character made him include the opinion from his daughter in making his decision that is the reason why he rated option one as the desirable yet settled on option 4 which was directed by the sympathetic character to involve his daughter's input on the decision(Herman, 2014). Also, the extraverts trait also contributed to the kind of house that the respondent had chosen, option one seems to be very luxurious and portray high status, this would fit the bank manager who needs to show off the power and capabilities, moreover this is well accompanied by the carefulness and experience personality required to manage such a house.  According to the Freud's theory of personality, the ego part of the personality acts as the referee that mediates the super-ego and the id. Applying this theory to the respondent, it shows that the respondent desired to go for option one but it due to the mediation as a result of the ego in his personality, he ended up considering the situation of his daughter. However, the ego part of his personality is also controllable, as it has helped deal with the real life situation of considering the closeness to work as well as his daughter’s school as well as his desire for new experience. The choice made by the respondent had nothing to do with mood. However, the rest of the choices were suitable for him and his personality as well as the situation of having a daughter and being divorced (Matthews, 2017).

Respondent 2

Respondent 3 is a female who is a house-wife and has children. This respondent is also extraverted, kind, and sympathetic as well as opens to new experiences. Just like respondent 2, the respondent rated option 1 as the most preferable option which would suit her personality of an extrovert as well as openness to new experiences. However, the trait in her personality that involves sympathy and kindness makes her consider the case of the husband and kids. This considerations might involve school and job inconveniences or regarding income. However, the moody personality, made her choose a house far from the first option, which is semi furnished yet with almost similar specification as the fast house.The choice is however considerable of the husband’s income as well as the family need though it inconveniences their accessibility to social amenities like healthcare and schools(Krupi?, 2016) .

The respondent is a male aged 29, works as a plumber and has a partner. His main traits include extraversion, sympathetic and kindness as well as openness to new experiences. The decision on the rental property for this case is not largely influenced by circumstances but rather the situation. Because he has a partner means, they are not staying in the same house. This, therefore, leaves the respondent with the freedom to live in the rental property on option 3. The extroverted trait in his personality directs him towards living in a house where there are people around rather than living by himself. However, the decision he has made pertaining the choice of rental property is still the same as that which he preferred meaning that his partner's input does not contribute much to the decision(Mohamed, 2014).

Respondent 2 is 54 years old and works as a senior bank manager. Moreover, his household income amounts to $ 198 per year. Based on the rental income, the respondent can afford to pay the rent in any of the six options. However, the manager has chosen to settle on option 4, which means the family situation has contributed to the decision. Moreover, the ethnicity has contributed to the decision, as the respondent has considered not moving too far from the main town.

Respondent 3 has zero income and depends on his husband’s income, the income seems to be the influential factor on the rental property decision, this is shown by the fact that the husband is the only breadwinner and that the family has kids. The choice, therefore, ought to be considerate of the children’s upkeep. In this case, ethnicity had no role to play(Matthews, 2017).

Respondent 3

The respondent works as a plumber and is 29 years of age. The respondent majorly made the decision based on his age as well as his income. The choice on the type of property was also influenced by the ethnicity as the English like to stay together.Moreover,the respondent is yet to marry, though he has a partner though they do not stay together. This means that the choice of rental property for his case did not include a family as one of the factors. The age as well, dictates that this is a person likely to focus on simplicity, and therefore having to go for the rest of the rental property options would be in appropriate since he is yet to have a family(Na, 2016). Also, the respondent has an introvert personality which means he prefers to be among people rather than by himself hence the option to go for a rental property that they share.

Conclusion

When it comes to rental property, it is crucial that one considers all aspects that are surrounding the property. This will make one arrive at a decision that is more favorable. In most cases, the choice of rental property to most individuals is largely influenced by the income. The other factor that determines the decision in the family, this further complicates the choices at times when the income is low. The above analysis on the three respondents has proved that when a marketer approaches a client, he/she needs to understand the client’s needs and situations. This will enable the marketer to provide a package that suits the client and furthermore makes it easier for the client to come up with a decision. Finally, the choices are also influenced by the personality of individuals have an influence though it is rarely recognized. This influence though subtle can be the only factor that an individual may base to make the decision.

The range of rental properties sited on the survey question is very attractive and have all been customizedto suit the needs and preferences of various clients. However,I would recommend that a marketer to go rental property option 1.

 The key selling points for this property option include

• The property is suitable for families as well as the divorced
• The property is very near to social amenities
• It is suitable for all types of personalities’ due to its proximity to social amenities as wellas ample parking space.
• The rental charges are very pocket friendly, which will also ensure that the marketer will take home a hefty package.
• Bottom line this property option is very attractive, which also makes it a hot cake in the market thus easy to get a client.

References

Cherry, R. a. (20115). Concentration of Rental Housing Property and Rental Housing Markets in Urban Areas. Real Estate Economics, 3(1), pp.7-16. Real Estate Economics, 7-16.

Easthope, H. (. (2014). Making a Rental Property Home. Housing Studies, 579-596.

Herman, C. (2014). Personalities' Theories. PsycCRITIQUES. PsycCRITIQUES, 34.

Kim, R. (2013). Introduction to Unified Personalities. journal of personality, 45.

Krupi?, D. K. (2016). Personality and defensive behaviour. Personality and Individual Differences, 303-308.

Matthews, G. (. (2017). Cognitive-Adaptive Trait Theory. Journal of Personality.

Mohamed, S. (. (2014). The Rental Housing Act and Provincial Rental Housing Tribunals. SSRN Electronic Journal.

Na, J. M. (2016). Social-Class Differences in Consumer Choices. Personality and Social Psychology Bulletin, 430-433.

Slade, L. a. (2012). Achievement motivation and the dynamics of task difficulty choices. Journal of Personality and Social Psychology, 165-172.

Zapolski, T. G. (2012). Construct Validation Theory Applied to the Study of Personality Dysfunction. Journal of Personality, 1507-1531.