Are you considering moving to Melbourne and wondering what is reasonable rent in Melbourne? In this article, we will explore the current rental market in Melbourne and provide you with insights into the average rent prices, affordable suburbs, and rental market trends in the city.
The Average Rent in Melbourne
When it comes to renting a property in Melbourne, it’s important to have an understanding of the average rent prices in the city. The average rent for houses in Melbourne is $550 per week, while the average rent for units is slightly lower at $520 per week.
These figures give us an insight into the typical rental prices in the city and provide a useful benchmark for tenants and landlords alike in understanding the current Melbourne rentals market.
It’s worth noting that these numbers represent average rents, and actual prices can vary depending on location, property size, and other factors. However, they provide a useful benchmark for tenants and landlords alike in understanding the current rental market in Melbourne.
Median Rent in Melbourne
| Property Type | Average Rent per Week |
|---|---|
| Houses | $550 |
| Units | $520 |
As the table shows, there is a slight difference in average rent prices between houses and units. This may be attributed to various factors such as location, amenities, and demand for different types of properties. It’s important for both tenants and landlords to consider these factors when determining rental prices.
Affordable Suburbs to Rent in Melbourne
If you’re looking for affordable suburbs to rent in Melbourne, there are several options that offer lower rental prices compared to other areas in the city. These suburbs provide a more cost-effective way of living without compromising on convenience and amenities. Here are some of the cheapest suburbs to consider:
Coburg
- Median rent for houses: $600/week
- Median rent for units: $440/week
Coburg is a northern suburb of Melbourne that offers affordable rental properties. With its proximity to the city and access to public transport, Coburg provides a convenient location for renters.
The suburb boasts a mix of housing options, including apartments, townhouses, and older-style houses. Rent prices in Coburg are generally lower compared to more central areas of Melbourne.
Check out more properties in Coburg VIC 3058.
Broadmeadows
- Median rent for houses: $390/week
- Median rent for units: $400/week
Broadmeadows, located in Melbourne’s northwest, is another affordable suburb for renters. The suburb offers a range of rental properties, including houses and apartments. Broadmeadows is known for its multicultural community and is well-connected to the city through public transport options.
Rent prices in Broadmeadows are relatively affordable, making it an attractive option for those on a tight budget.
Check out more properties in Broadmeadows VIC 3047.
Tullamarine
- Median rent for houses: $450/week
- Median rent for units: $410/week
Tullamarine, situated close to Melbourne Airport, is a suburb that offers affordable rental options. The area has a mix of housing types, including apartments, townhouses, and standalone houses.
Tullamarine provides easy access to major highways, making it convenient for commuters. Rent prices in Tullamarine are generally more affordable compared to other suburbs closer to the city.
These affordable suburbs in Melbourne offer a range of rental properties at lower prices. Renters looking for more budget-friendly options can consider these suburbs as potential places to live. To explore more about where to find the best rental options, check out Where is the best place to rent in Melbourne Australia?
It’s important to note that while these suburbs offer affordability, it’s always recommended to research and visit the areas to ensure they meet your specific needs and preferences.
| Suburb | Rent Price Range | Property Types |
|---|---|---|
| Coburg | $300 – $500 per week | Apartments, Townhouses, Houses |
| Broadmeadows | $250 – $450 per week | Houses, Apartments |
| Tullamarine | $300 – $550 per week | Apartments, Townhouses, Houses |
Note: Rental prices mentioned above are approximate and subject to change. It’s recommended to check current listings and consult with real estate agents for accurate and up-to-date rental information.
Rental Market Trends in Melbourne
The rental market in Melbourne is constantly evolving, influenced by various factors that shape the demand and supply of rental properties. In recent years, one notable trend has been a preference for smaller living spaces, as indicated by fewer people per household. This shift can be attributed to various factors, including changing lifestyle preferences and affordability concerns.
Another significant trend in the rental market in Melbourne is the growth in housing stock. More rental properties are becoming available, providing renters with a wider range of options to choose from. This increase in supply has partially alleviated the pressure on the rental market, but it remains highly competitive due to the high demand.
Despite the increase in housing stock, rent prices in Melbourne have continued to rise. The limited supply relative to the demand has resulted in landlords being able to charge higher rents. This makes finding an affordable rental property a challenge, especially in popular and sought-after areas.
For more insights into why landlords might be adjusting their rent prices, see Why are landlords leaving the rental market?
Looking ahead, it is predicted that the rental market in Melbourne will remain favourable for landlords. The city’s population is projected to continue growing, creating a sustained demand for rental properties.
As a result, rent prices are expected to keep rising, making it crucial for renters to carefully consider their budget and explore different suburbs to find the best rental options.
Suggested reading: Complement the knowledge you gain here by reading our detailed report on Is there a shortage of rental properties in Melbourne? to get the full picture of Melbourne’s rental property scene.
More on What is Reasonable Rent in Melbourne?
What is reasonable rent in Melbourne?
The median rent in metropolitan Melbourne is currently $500 per week, while in regional Victoria, it is $420 per week. These figures indicate the recent increase in rent prices in Melbourne.
What is the average rent in Melbourne?
The average rent for houses in Melbourne is $550 per week, while for units, it is $520 per week. There is variation in rent prices depending on the type of property, but the median rent in Melbourne is $550 per week, which can be considered a typical rental price in the city.
What are some affordable suburbs to rent in Melbourne?
Some of the most affordable suburbs to rent in Melbourne include Coburg, Broadmeadows, and Tullamarine. These areas offer lower rental prices compared to other parts of the city, making them potential options for renters looking for more affordable housing.
What are the trends in the rental market in Melbourne?
The rental market in Melbourne has seen a trend towards smaller living spaces, with fewer people per household. Additionally, there has been growth in the housing stock, with more rental properties becoming available.
However, the rental market remains competitive due to high demand and limited supply, leading to rising rent prices. It is predicted that the rental market in Melbourne will continue to be favorable for landlords in the near future.
