Rental Market Snapshot:
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metropolitan Melbourne stands at approx. 2.2% 30 June 2024. This has remained steady for the first six months of 2024 where it was at 2.3% ending 31 December 2023.
- The proportion of vacant properties in regional Victoria stands at approx. 2.1% as at 30 June 2024. This has also remained steady where it was also recorded at 2.1% ending 31 December 2023.
- The weekly median rent for houses in metropolitan Melbourne as at 30 June 2024 has increased by $10 to $580 since 31 March 2024.
- The weekly median rent for houses in regional Victoria also increased by $10 to $470 since 31 March 2024.
The low rental vacancy rate in Melbourne suggests a tight rental market where there are relatively few available rental properties compared to the number of people looking for them. This situation often leads to increased competition among renters, higher rental prices, and sometimes difficulty in finding suitable housing quickly.
Several factors can contribute to low rental vacancy rates, including population growth, limited housing supply, economic conditions affecting homeownership rates, and even short-term rental platforms impacting available housing stock. Governments and local authorities often monitor vacancy rates closely as they can indicate housing affordability issues and the overall health of the housing market.
If you’re looking for a rental property in Melbourne right now, it might be challenging, but staying persistent and exploring multiple options could increase your chances of finding something suitable.
It’s important to note that the rental market is complex, and multiple factors interact to determine rental prices. Economic factors, government policies, market speculation, and population growth all play a role in the high property rents observed in Melbourne.
What to do next?
At Crest Property Investments we specialise in sourcing brand new and off the plan properties for buyers. If you’d like to learn more about property investment, please feel free to look us up on our website.
Our YouTube channel and Market Insights also provide a wealth of information to assist you with many areas relating to property.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
July 2024
**Rental Market Snapshot: Disclaimer – The REIV is the most authoritative source for information about the Victorian rental market with historical vacancy rates from October 2002. The REIV, on a monthly basis, collect current vacancy rates and rental data from Members and view.com.au leases.
