Landlords in the majority of Melbourne rental markets are asking for more rent than this time last year. Will anything take the pressure off?
Largest decline, recorded in Ivanhoe East’s unit marketLandlords in the majority of Melbourne rental markets are asking for more rent than this time last year, some by as much as 34 per cent, even as the hot market starts to lose steam.
”People shift suburbs, and they go to the bridesmaid suburb that’s a bit cheaper,” she said. “Previously it was centred on the inner-city locations, but now it’s looking like some inner-urban areas that are doing better than others.” Impact Economics lead economist Dr Angela Jackson agreed affordable suburbs had borne the brunt of rent hikes. “That is what you’d expect. We’re in an extended period of very low vacancy rates so it’s difficult to find a rental. So you’d expect the competition at the low end is going to get more and more fierce.“People are priced out of other areas so they’re moving into affordable areas so they’re bidding up the price of rentals in those areas.
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