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Cheapest Apartments For Rent in Melbourne CBD

April 14, 2022
cheapest apartments for rent in melbourne cbd

If you’re on the search for the cheapest apartments for rent in Melbourne CBD, chances are you’re between the ages of 20 and 39, going to a state university or working in the city. Did we guess right?

Before the 1990s, the Melbourne CBD was more for work than for living. At the end of each business day, professionals would get onto public transport and leave the Melbourne CBD in masses.

Then the appeal of inner-city living grew, locals began to appreciate the architecture more, opting to convert warehouses into liveable apartments.

Now, the Melbourne city CBD is one of the most coveted suburbs in the state. Luxury residences and high-rise apartment buildings towers over streets filled with trendy restaurants, notorious cafes and shopping of all kinds. Melbourne real estate prices are some of the highest in the country. And finding apartments for lease in the CBD may be pretty easy, but it won’t be cheap.

The Melbourne CBD has a free tram zone, stretching between Flinders Street, where you’ll find the Federation Square landmark, to the Queen Victoria Market, and to the north by Latrobe Street—known also by the postal address Melbourne VIC 3000.

Entertainment, from art galleries to musical acts to theatre and cinemas are all within walking distance. The state library as well. Not to mention the Marvel Stadium and Crown Casino, the latter of which is perfectly positioned in a hotel, offering some of the best dining options in the city.

And when you need some greenery, it’s got that too. Several parks surround the CBD, notably the Royal Botanic Gardens. The iconic Yarra River flows through the city, before emptying out in Port Phillip Bay, awarding a sense of nature even in the middle of a busy city.

Just a short tram ride away is the city’s museum and zoo, also the Melbourne City Baths gym for the wellness enthusiasts.

So, if you’re looking for cheap 1 bedroom apartments for rent in Melbourne, keep reading to see our round up.

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With a median rent of $492 per week, according to Corelogic, Melbourne city has more and more people searching for rental properties and to rent apartments in particular. The property types on this list are all below the median rent so you have your pick of the lot, including one with two bedrooms.

It may not be one of the cheapest suburbs in Melbourne, but some just can’t resist the city buzz. So, let’s dive into the the cheapest apartments for rent in the city suburbs so you might land your new home affordably.

Cheapest studio apartments for rent in Melbourne CBD

Apartment for rent in Melbourne CBD
  • Property type: Studio apartment
  • Price: $220/week

This partially furnished 1 bedroom studio apartment in Melbourne sits just within walking distance of the Queen Victoria Market. Its light filled cosy space is perfect for a student wanting to be close to any of the nearby universities of Melbourne CBD.

Apartment for rent in Melbourne CBD
  • Property type: Studio apartment
  • Price: $345/week

A fully furnished studio smack bang on Flinders Street is the ideal home for a student or working professional. It comes with a full working kitchen, bed and everything else you’ll need including living near the convenience of Melbourne Central and Southern Cross station.

Cheapest one-bedroom apartments for rent in Melbourne CBD

Apartment for rent in Melbourne CBD
  • Property type: One-bedroom apartment
  • Price: $340/week

Light fills this Melbourne CBD apartment from the floor to ceiling windows. For $120 more you’re getting a one-bedroom apartment which also offers a full gym in the building. You have your own private balcony, nested on the 10th floor above the popular Wills Street Precinct.

Apartment for rent in Melbourne CBD
  • Property type: One-bedroom apartment
  • Price: $370/week

Here’s another light filled, one-bedroom apartment with solid facilities like built in robes and a dishwasher, and within the building you’ve got laundry facilities and a security access entrance. You’re also located within walking distance of La Trobe Street with all its eating and shopping possibilities.

Did we mention your private balcony looks over the Yarra River?

Apartment for rent in Melbourne CBD
  • Property type: One-bedroom apartment
  • Price: $370/week

Next on our list is a modern Melbourne penthouse duplex apartment that sits you right in the free tram zone. This An expansive kitchen and open plan living and dining area flow onto the rooftop terrace in this lovely one-bedroom apartment.

This would be high up on the list of great apartments for rent in Melbourne VIC 3000.

Apartment for rent in Melbourne CBD
  • Property type: One-bedroom apartment
  • Price: $400/week

Step into this lovely, spacious one-bedroom apartment which will please anyone relishing inner-city living. The property has built in robes in the kitchen, a dishwasher in the kitchen and very importantly, lots of storage space.

In the building itself, you’re spoilt for choice between the swimming pool, gym and sauna—great for a break from the bustle of Melbourne city.

Cheapest two-bedroom apartments for rent in Melbourne CBD

Apartment for rent in Melbourne CBD
  • Property type: Two-bedroom apartment
  • Price: $470/week

This is the first of the apartments for rent on this list with two bedrooms. On the 14th floor of the City Gate complex is this fully furnished, modern apartment for rent in a great location. There is a lot of natural light which you can take it from your sweeping balcony with breathtaking views across Carlton Gardens.

To top it all off, a swimming pool is available for use in the building!

On the search of a new home?

If you’re not into apartments and are instead looking for cheap houses for sale in Melbourne, make sure to set up your match profile on Soho.

Get matched with properties and contact any of the real estate agents for the property available date and more details.

Browse our search pages where you can search for new properties in real estate, houses for sale, units, rentals of all property types right now!

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Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
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