Where are the highest volume of homes for rent in Melbourne?

Melbourne housing market for 2013Based on rental advertisements*, the easiest place to find a rental home in Melbourne is in the inner city or inner southeast.  Melbourne, St Kilda, South Yarra, Southbank and Docklands have each seen well over 1,000 units advertised for rent in the past year. The central suburb of Melbourne recorded just over 4,000.

The high prevalence of medium and high-rise units for rent in the inner city is a reflection of the role investors have played in supporting the growth of these markets.

It is quite remarkable to think that only twenty years ago the inner suburbs or Melbourne, Docklands and Southbank either did not exist or had very few houses for rent.

It is also interesting that in those suburbs the median advertised rent is well above the median for Melbourne which was $392 per week. In the suburb of Melbourne the median rent was $450 per week, in Southbank it was $530 and $540 in Docklands.

The suburb with the highest volume of houses advertised for rent was Frankston where the median advertised rent was $310 per week. This is well below the comparable number for the metropolitan area of $438.

Many  other suburbs with high numbers of rental houses are also affordable, excluding Richmond which is ranked 4th by number of houses for rent but has a very high median advertised rent of $580 per week. This market will be driven by the demand for houses close to the CBD.

Robert Larocca
RP Data Victoria Housing Market Specialist


Data for table on blog

Top 5 suburbs ranked by number of houses advertised for rent

FRANKSTON
PAKENHAM
RESERVOIR
RICHMOND
POINT COOK

Top 5 suburbs ranked by number of units advertised for rent

MELBOURNE
ST KILDA
SOUTH YARRA
SOUTHBANK
DOCKLANDS

* Rental observations are based on rental advertisements. These counts have been de-duplicated and rental advertisements are only counted when they can be physically matched to a property in our database.

About Robert Larocca

Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years.

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3 Responses to Where are the highest volume of homes for rent in Melbourne?

  1. Nick Assafiri July 23, 2014 at 11:08 am #

    It’s interesting to note that the suburbs which have had the highest volume of houses for sale as a proportion of the total number of homes over the past year,

  2. Christin Huber July 4, 2017 at 2:43 pm #

    Thanks for sharing this informative blog.

  3. ryangosling July 31, 2017 at 4:14 pm #

    Thanks for sharing this nice information.

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