Current Rental Market Trends
Rental Market Snapshot, according to the Real Estate Institute of Victoria (REIV):
- Melbourne’s rental vacancy rate remained the same at 2.5% as of 31 March 2025, as it was recorded in the last quarter.
- Regional Victoria’s vacancy rate remained the same at 2.1% as of 31 March 2025, as it was recorded in the last quarter.
- Weekly median rent for houses in Melbourne remained at $580 per week.
- Weekly median rent for houses in regional Victoria remained the same at $480 per week.
Here’s the visual showing the shift in both vacancy rates and median weekly rents from March 2024 to March 2025:
- Metro Melbourne: Vacancy rates rose while rents also went up slightly.
- Regional Victoria: Vacancy rates dipped, yet rents increased more significantly.
Why Are Vacancy Rates Still Low?
Several factors contribute to Melbourne’s challenging rental market:
✔️ Population Growth – Increased migration and urbanisation drive housing demand.
✔️ Limited Housing Supply – New housing developments struggle to keep pace.
✔️ Economic Conditions – Higher interest rates deter some buyers, keeping more people in the rental market.
✔️ Short-Term Rentals – Platforms like Airbnb reduce the availability of long-term rentals.
Governments and policymakers monitor these trends closely, as low vacancy rates often signal affordability concerns and market imbalances.
Navigating the Tight Rental Market – What Can Renters Do?
If you’re struggling to find a rental, consider these strategies:
🔹 Expand Your Search Area – Nearby suburbs may offer better availability and affordability.
🔹 Set Up Alerts – Use rental platforms to receive instant notifications for new listings.
🔹 Leverage Your Network – Some rental opportunities come through word of mouth before hitting the market.
🔹 Explore Alternative Arrangements – House-sharing or short-term rentals can provide temporary solutions.
🔹 Be Prepared & Act Quickly – Have all required documents ready (ID, income proof, references) to strengthen your application.
Looking for Investment Opportunities?
We hope you enjoyed the information on Melbourne’s Rental Market Snapshot.
At Crest Property Investments, we specialise in sourcing brand-new and off-the-plan properties for buyers across Melbourne and Australia. Whether you’re an investor or looking for your next home, we provide expert guidance through every step—from property selection to settlement.
💡 Want more insights? Check out our Market Insights and YouTube channel for expert analysis and property trends.
📞 Contact us today via www.crestproperty.net.au for a consultation.
📌 Disclaimer: While we ensure the accuracy of this information at the time of publication, market conditions and legislation may change. Contact us for the latest updates.
