Gen Z have invented a new method for paying their rent by going on holiday

Going on holiday is becoming less financially accessible for young people as the cost of living crisis continues to affect people’s ability to pay for necessities like rent.

But instead of skipping out on this year’s vacation, a group of four students from the University of Technology Sydney has decided to create a way for young people to earn money while going away.

Nesteek.

The website allows people to sublet a home for less than three months or place their home for a short-term sublet.

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So while people are away on holiday, a person in need of a short-term rental can pay the rent.

“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,” Nesteek co-founder and CEO Keith Schembri told news.com.au.

Schembri, 21, cited reasons like the pandemic and cost of living crisis as external forces making it difficult for young people to travel.

But the appeal of Nesteek is a more affordable and easier-to-use option for young people, rivaling similar websites in Australia like Airbnb or listing a place on Facebook Marketplace.

“Airbnb is increasingly geared towards rich homeowners and landlords who want to turn their property into a business," Schembri said.

Impressive and interesting homes have been listed on Airbnb, like the Godfather mansion and DJ Khaled's shoe closet. But the cost is likely not in the budget of a 20-something-year-old.

Meanwhile, on Nesteek, people can pay for rooms or entire homes anywhere from $280 to $820 a week.

Unlike Airbnb, which has risen in price and includes cleaning fees, Nesteek waives the fees by only allowing users to book one guest at a time.

And to avoid scammers, Nesteek has introduced policies that incentivise people to remain authentic and honest. So, guests’ funds are taken out one week in advance as a “bond payment” and the site has a 15 per cent host service fee to avoid “couch surfing.”

"'Do not pay rent while away’ is our rallying cry, because most young professionals and students I know cannot afford to travel and pay rent simultaneously, Schembri added.

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