There is allot of doom and gloom around availability of stock on the Melbourne and Victoria rental market.
The media is calling it a rental crisis with headlines like: ‘Melbourne’s rental market tightens,’ ‘Rising rents in half of Melbourne suburbs leave tenants behind.’
According to the ABS weekly rents: Rents in Sydney and Melbourne recorded small rises in the March quarter.
The positive growth in rents for Sydney and Melbourne was mainly driven by rising rents for houses, while other dwellings recorded a relatively smaller rise in Sydney and a small fall in Melbourne.
The Real Estate Institute Of Victoria realised a month on month data (February to March 2022) demonstrating the change in rental vacancy rates, weekly median rents across metro Melbourne and regional Victoria.
The proportion of vacant properties stayed at 5.1 per cent for metro Melbourne, while it rose to 1.4 per cent for regional Victoria over the month.
The weekly median rent for houses in metropolitan Melbourne saw a slight increase to $500, while it also went up to $420 in regional Victoria.
