If you’re a Melbournian, you must have your own opinion of the best suburb to live in Melbourne. However, now is the time to fold back the old “best area” and the worst suburbs in Melbourne debate and instead, opt for an area where the rent is cheap. So, which are the cheapest suburbs to rent in Melbourne?
Melbourne is Australia’s second-largest city and one of the most worthwhile cities. It is famous for its traditional food, beautiful architecture, and blooming suburbs. According to a rental report, Melbourne is also the most affordable city.
The median rent in Melbourne is $520 a week (Source: PropTrack), which is pretty cheap compared to other cities.
There are quite a few cheap places to live in Melbourne. So, keep reading this guide to find the most affordable suburbs to rent in the city and start living on a budget.
5 cheapest suburbs to rent in Melbourne (February 2024)
| Suburb | Average Distance to CBD (km) | Median Rent (House/Unit) | Vacancy Rate (%) |
|---|---|---|---|
| Melton | 34 | $375/ $350 | 1.4 |
| Coburg North | 10 | $520/$360 | 1.8 |
| West Footscray | 8 | $550/$460 | 2.1 |
| Hoppers Crossing | 25 | $500/$380 | 2.2 |
| Preston | 9 | $600/$400 | 1.9 |
These properties are a great look into the rental market in Melbourne. If you like a property that’s already leased, just add it to your interested areas on Soho and we’ll send you more listings as they come onto the market!
Melton
- Median Rental Price House: $375/week
- Median Rental Price Unit: $350/week
Melton is one of the cheapest Melbourne suburbs to rent. It is 34 kilometres west of Melbourne’s central business district. Currently, the suburb has a median house price of $500,000 and a median unit price of $375,000.
There are several activities to do in Melton. These include various tennis clubs, golf courses, gyms, swimming pools, bowls, squash, horse riding schools, and soccer pitches.
Moreover, you can visit several leafy green parks and walk your dog in off-leash dog parks here.
Melton has one train line into the city and is only 30 kilometres from Tullamarine airport. That’s why it’s one of the best places to rent in Melbourne.
Discover more properties for rent in Melton.
Coburg North
- Median Rental Price House: $520/week
- Median Rental Price Unit: $360/week
Suppose you want to stay close to the Brunswick lifestyle but don’t want to get affected by its pricey properties. In that case, Coburg North is your best bet. Coburg North is just 8 kilometres away from Melbourne’s CBD. More young families are moving into Coburg because it is convenient and is near CBD and the airport.
Coburg North is a perfect green leafy suburb with two train stations and an amalgamation of different cultures. Merri Creek Trail and Upfield Bike Path are famous cycling trails. Moreover, the suburb has a lot to talk about regarding markets.
If you’re after cheap 1 bedroom apartments for rent in Melbourne, you can expect to fork out about $300 a week.
Discover more properties for rent in Coburg North.
West Footscray
- Median Rental Price House: $550/week
- Median Rental Price Unit: $460/week
West Footscray is a small suburb in western Melbourne. The suburb combines a big indoor seafood and organic produce market with 30 seafood stalls and 50 jewellery and flower stalls. If you’re after 1 bedroom apartments for rent in Melbourne for cheap, it’s worth adding Footscray to your list!
Moreover, West Footscray is home to 130 restaurants. These restaurants offer diverse cuisines. You can find Asian, Italian, Turkish, African and Portuguese food here.
West Footscray has great public transport service. These include three train lines, plenty of buses and sita coaches.
Discover more properties for rent in West Footscray.
Hoppers Crossing
- Median Rental Price House: $500/week
- Median Rental Price Unit: $380/week
Hoppers Crossing’s median price for a house has increased to $620,000. Hoppers Crossing is 30 kilometres from central Melbourne and a 20-minute drive from the beach.
The suburb is situated on the metropolitan train network and that’s why travellers can come home from the city in just 30 minutes through the Werribee line to HC train station. Here you can find several major retailers including Target, Big W, Coles, Myers, and Woolworths.
There are many lifestyle opportunities including leisure facilities and sports. Hoppers Crossing also has a 23 kilometre-long Federation Trail Walking and cycling trail.
Discover more properties for rent in Hoppers Crossing.
Preston
- Median Rental Price House: $600/week
- Median Rental Price Unit: $400/week
Preston is one of the inner city suburbs. The suburb has a lot to offer from High Street cafes to Preston markets. Furthermore, this area has large family homes, apartments, and industrial conversions. This means the suburb has something for everyone with different budgets and preferences.
Preston has excellent public transportation. It has several train stations and tram routes running within the area. Moreover, it is pretty cheap and close to the CBD. Here you can come across multiple sporting options like football and cricket clubs.
Discover more properties for rent in Preston.
Additional questions regarding affordable housing in Melbourne.
What suburbs will boom in Melbourne 2024?
- Suburbs: Elsternwick, Caulfield, Mordialloc, Surrey Hills.
- Median House Price and Annual Growth: Elsternwick ($2,110,000, 20.83%), Caulfield ($1,786,000, 8.82%), Mordialloc ($1,330,000, 4.16%), Surrey Hills ($2,375,000, 4.16%).
What is the cheapest suburb to live in Melbourne?
- Cheapest Suburbs for Houses: Coolaroo, Dallas, Melton, Werribee, Tarneit, Hoppers Crossing, Craigieburn, Pakenham.
- Cheapest Suburbs for Units: Melton, Werribee, Tarneit, Craigieburn, Pakenham, Carlton.
What are the most undervalued suburbs in Melbourne?
- Undervalued Suburbs: St Albans, Croydon, Werribee, Altona Meadows, Moorabbin, Point Cook, Frankston, Travancore.
Which city has the cheapest rent in Australia?
- City with Cheapest Rent: Melbourne – Inner, with a median weekly rent of $685 and an affordability score of 85, making it the most affordable place to rent in Australia in 2023.
