According to the state government’s Homes Victoria authority, more than 24,000 rental homes were lost in the state between September 2023 and September 2024.

Alampi said his landlord owned four townhouses on his block. He was told he had to sell the one he was living in because he could no longer afford the costs.

There are fears that the smaller supply of rental properties could drive up prices for tenants as they are left with limited choices on the market.

Tenants Victoria CEO Jennifer Beveridge told Yahoo Finance it was a bleak result for renters across the state.

“We know that rents are too high for many households. We hear too often of people going without food, cooling, or back-to-school essentials just to pay the rent," she said.

Alampi said high rental costs meant he couldn’t afford to do a full grocery shop and wasn't able to put away any savings for the future.

“I’m not saving, I don’t have money that I can put towards buying new clothes or anything like that, it’s all going towards bills, rent or just simply living,” he said.

More Aussies move back with parents

Alampi shared a video online about his decision to move back home and was flooded with supportive comments from other Aussies in the same position.

“Moved back at 33. Best decision of my life. I have people to talk to, home-cooked meals and so much money saved. No regrets!” one said.

“I’m in the exact same boat! My son and I are having to move back in with family due to the cost of living. It’s so difficult,” another added.

“Honestly, rent is ridiculous. Go home and be happy and be ahead,” a third added.

While Alampi said he did receive some negative comments on the video, he said the positive outweighed the bad and it was reassuring to hear he wasn’t alone.

“It’s comforting because I think there’s so much pressure to have it all together by this age and then not being able to afford just basic stuff like rent, you put so much of it on yourself and you don’t really realise that it’s not really you, the systems are set up to make you fail,” he said.

A Finder survey found more than one in 10 Aussies had moved into shared housing in the past year, whether that be with parents or housemates.

The soaring cost of rent prompted the move for 5 per cent of Aussies, while a further 3 per cent made the change because they could no longer afford their mortgage repayments.

The remaining 4 per cent went back to shared living because they missed living with others.

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