Melbourne median weekly rent increases as rental vacancy rate tightens: REIV

Nicola TrotmanDecember 7, 2020

The median weekly rent in Melbourne increased in the month of May as the rental vacancy rate slightly tightened, according to REIV.

The rental vacancy rate in Melbourne fell from 3.2% in April to 2.8%.

The weekly rent increased from $382 to $390.

The REIV says these are only “minor variations” as the rental vacancy rate has remained relatively stable at around 3% throughout the year and the median rent has been around $390.

The REIV says the government policies designed to increase the supply of dwellings are having an effect as we are seeing consistently high vacancy rates.

The inner city rental vacancy rate tightened from 4.4% in April to 3.9% in May.

The demand for three-bedroom homes and one or two bedroom units in the inner city has seen the median rent rise.

The rental vacancy rate in the middle suburbs remained stabled at 3% over May, however the outer suburbs tightened from 2.8% to 2.2%.

Regional Victoria rental vacancy rates increased from 3.3% in April to 4.1% in May, with Geelong experiencing the most significant change.

Geelong rental vacancy rates increased from 4.4% in April to 6.7% in May.

Bendigo remained stable at 3.1% but Ballarat increased from 2.2% to 2.7%.

The median rents in regional Victoria remained stable.

Nicola Trotman

With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.

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