Best Places to Rent in Melbourne

August 6, 2022
Best Places to Rent in Melbourne

Key takeaways:

  • Melbourne offers affordable and liveable suburbs like Watsonia, Dandenong, and Frankston, providing excellent value compared to the city’s more expensive areas.
  • Carlton and Fitzroy are highly desirable for renters due to their cultural vibrancy, educational opportunities, and close proximity to the CBD.
  • Macleod is an ideal suburb for apartment renting, popular among young families and professionals for its affordability and lifestyle amenities.
  • Known for its diverse neighborhoods and world-class amenities, Melbourne is consistently ranked as one of Australia’s best living destinations, suitable for various lifestyles and budgets.

Over the years, more and more people have been considering renting a home in Melbourne. This isn’t surprising—the city consistently ranks as one of the best places to live in Australia, and it’s easy to see why. 

From the world-class food and wine scene to the endless list of things to do, there’s something for everyone in Melbourne. Plus, with its diverse range of neighbourhoods, you’re sure to find a rental that suits your lifestyle.

Why Melbourne?

The median rent in Melbourne is $490 per week for houses and $480 per week for apartments, which is competitive compared to other cities. Furthermore, if you end up loving the place you live, you won’t have a hard time finding Melbourne property for sale.

Most Affordable, Livable Suburbs

Anyone looking for the cheapest suburbs to rent in Melbourne should consider Watsonia, Dandenong, or Frankston.

The median rent in Watsonia is around $470 per week, and in Dandenong, it is approximately $370 per week for units. Frankston’s rental prices have been observed at around $475 to $500 per week. These areas offer good value compared to the expensive inner-city neighbourhoods, where prices can easily top $1,000 per week.

If you’re after cheap 1 bedroom apartments for rent in Melbourne, you can expect to pay around $310 per week in areas like Dandenong.

Most Liveable

Best Places to Rent in Melbourne

South Yarra, East Melbourne, and Carlton are three of the most livable locales in the city of Melbourne. What makes these areas so comfortable?

Access to education is crucial—all three suburbs are home to many quality schools. They also have relatively low traffic levels, and residents have easy access to essential services. In addition, all three suburbs boast recreational and cultural amenities, making them ideal places for families and professionals alike.

Many young professionals and students also like to rent in the Melbourne CBD, as it offers great public transport and access to an endless list of shops, restaurants, bars and stores.

However, most liveable doesn’t mean the cheapest. These areas can have some of the priciest home maintenance and the highest cost of pest inspection in Melbourne.

Most Livable Suburbs for Renting a House


Best Places to Rent in Melbourne
House for rent in Watsonia | Price Guide $520 Per Week

Watsonia is the perfect suburb for anyone looking to rent a house in Melbourne. It’s only eighteen kilometres northeast of the city, so you’ll have no problem getting into the city for work or play. If you need to get around by train, Watsonia has you covered—it ranks 22nd overall for access to the train. 

“The median rent in Watsonia is around $470 per week, making it a reasonably priced option in Melbourne.”

Source: Your Investment Property Magazine

Watsonia isn’t just a convenient place to live, it also ranks well for proximity to primary schools and tree cover, making it a livable and desirable place to call home. It’s also a great place to raise a family, so if you’re looking for a place to rent in Melbourne, give Watsonia a look–you won’t be disappointed.

Check out more properties to rent in Watsonia VIC 3087.


Best Places to Rent in Melbourne
House for rent in Carlton | Price Guide $700.00 Per Week

Carlton is another suburb in Melbourne that stands out for its liveability, marked by a rich blend of culture, education, and leisure. Notably, the suburb is a hub for education and research, being home to prestigious institutions like the University of Melbourne. This makes it a preferred location for students and academic professionals.

“The Median Rent in Carlton is $ 750 for houses and $ 478 for units. According to Your Investment Property Magazine

Carlton is also known for its cultural diversity, with its Italian heritage shining brightly along Lygon Street, renowned for its Italian cafes and eateries. In addition to its urban appeal, Carlton is blessed with green spaces such as the Carlton Gardens, providing residents with picturesque settings for outdoor activities.

The suburb is steeped in history, housing landmarks like the Royal Exhibition Building and the Melbourne Museum, which add to its cultural significance.

Carlton’s proximity to the city centre is a notable advantage, offering residents easy access to Melbourne’s CBD and excellent public transport links.

The suburb’s combination of cultural diversity, educational facilities, and urban conveniences contributes significantly to the high quality of life enjoyed by its residents, making it a highly desirable place to live in Melbourne.

Check out more properties for rent in Carlton VIC 3053.

Most Livable Suburb for Renting an Apartment


Best Places to Rent in Melbourne
Apartment for rent near Macleod | Price Guide $550 Per Week

“The Median Rent in Macleod is $ 495 for houses and $ 450 for units.”

Macleod is the most livable suburb for renting units. Located south of Watsonia, Macleod is the most cost-effective area for apartments, The area has experienced substantial growth in recent years, fueled by an influx of young families and professionals looking for affordable places that are close to the city.

Macleod offers several parks and reserves, as well as a variety of shops and restaurants. 

This suburb also has a railway station, making commuting into the city easy. With its combination of affordability, convenience, and lifestyle amenities, it’s no wonder Macleod is one of the most livable suburbs in Melbourne.


Best Places to Rent in Melbourne
Apartment for rent in Fitzroy | Price Guide: $1295 Per Week

“The Median Rent in Fitzroy is $ 850 for houses and $ 595 for units.”

Fitzroy, recognized as one of Melbourne’s most liveable suburbs, is a melting pot of culture, history, and modern lifestyle. Located just a short distance from Melbourne’s central business district, Fitzroy is a cultural beacon, showcasing a vibrant arts scene through its galleries, street art, and live music venues. This cultural richness is a defining aspect of the suburb’s character.

The suburb’s streets are a haven for food enthusiasts, with a plethora of cafes and restaurants catering to a variety of tastes. Despite its urban environment, Fitzroy offers residents serene green spaces, like the Edinburgh Gardens, providing a much-needed escape from the city bustle.

The Victorian-era architecture that adorns the streets of Fitzroy adds a historic charm, creating a striking contrast with the modern amenities the suburb offers.

Its proximity to Melbourne’s CBD is a significant advantage, especially for professionals who prefer a short commute. Fitzroy’s diverse and inclusive community contributes to its welcoming atmosphere, making it an ideal home for families, young professionals, and artists alike.

Final Thoughts

Best Places to Rent in Melbourne
Source: Melbourne Places

Melbourne is a great city with plenty of things to do and places to see. 

If you’re looking for the most affordable places to live in Melbourne, check out the suburbs of Watsonia, Dandenong, and Frankston. These areas offer good value for your money while providing a variety of amenities.

On the other hand, if you’re after a luxurious rental experience, consider South Yarra, East Melbourne, or Carlton. Finally,  if you’re looking for a place to raise a family, put Watsonia on top of your list as it’s one of the most livable suburbs in Melbourne.

FAQs on Best Places to Rent in Melbourne

Q: Where is the safest place to rent in Melbourne?

A: According to Budget Direct, the safest postcodes in Melbourne, based on crime rates, are 3328 (Teesdale), 3462 (encompassing Green Gully, Joyces Creek, Muckleford South, Newstead, Sandon, Welshmans Reef), and 3698 (Tawong South).

Q: What is the happiest suburb in Melbourne?

A: Tarneit is often considered Melbourne’s happiest suburb. It has transformed from a rural area to a vibrant multicultural community, offering a dynamic and satisfying living experience.

Q: How much rent should I pay in Melbourne?

A: Most financial experts recommend that rent should not exceed 30% of your after-tax income. However, this can vary based on your income, other expenses, and specific location in Melbourne.

Q: What is the healthiest suburb in Melbourne?

A: Fitzroy, Carlton, and St Kilda are some of the healthiest suburbs in Melbourne. These areas are known for their walkability and adherence to the principle of the 20-minute neighbourhood, making them conducive to a healthy lifestyle.

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