Aspiring to own your home has long been a cornerstone of our national identity. It is an idea deeply embedded in our cultural narrative – a symbol of success, security, and, most Aussies insist, a right.

This belief, however, has come at a significant cost to a growing segment of our community. By holding on to the notion that home ownership is the ultimate marker of success, we have shaped a society and system that regards those who rent as a subclass.

About 31 per cent of Australian households rent their home (2.9 million households), and this cohort is only, and will only, going to increase in coming years. As a result, ensuring renters can access secure and affordable homes represents at least a third of the challenge of our housing crisis. We know that solving this crisis requires complex and diverse solutions, but redefining our attitude to long-term and lifelong renting is essential if we are serious about fixing it.

Long-term renting is normalised in countries such as Germany and Switzerland, and major cities like Paris and New York. Many renters there enjoy secure housing and equal quality of life measures to home owners. Numerous studies indicate that while owners may experience short-term joy around buying a home, they also tend to face higher stress levels and financial burdens, which can offset any perceived benefits. In fact, after income, housing quality, and health status are accounted for, the differences in life satisfaction between home owners and renters tend to disappear, suggesting that ownership does not inherently improve happiness compared to renting.

But in Australia, renters are wary of asking for longer-term leases, fearing they will be discriminated against during the application process. Property investors have been conditioned to be suspicious of offering longer leases out of fear of being tied to a poor-quality renter (which happens exceptionally rarely). And property managers feel powerless to advocate for long-term leases because of the concerns of renters and rental providers.

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A simple solution is to offer residential leases that resemble commercial lease agreements more closely, with options for terms of three, five, 10, 15 and even 20 years. These longer leases allow renters to enjoy the peace of mind and stability that comes with greater tenure, while investment property owners benefit from reduced vacancy and tenancy changeover costs.

Renters would receive capped annual rent increases tied to the consumer price index and, in recognition of their longer-term commitment, could be offered rent-free periods based on the length of their lease. In exchange, they would take on greater responsibility for the upkeep of the property, fostering a sense of ownership and pride in their home throughout the lease term.

For investment property owners, the government should provide indexed land tax discounts that increase with the length of the lease, creating a direct financial incentive for property owners to offer longer tenancies.