The metropolitan rental market is still out of kilter, with renters outweighing vacancies, according to Enzo Raimondo of the REIV
The rental vacancy rate for Melbourne in September was 1.4 per cent, a minor reduction compared with June when it was 1.5 per cent
In the inner city, the vacancy rate improved from 1.1 per cent to 1.4 per cent; in the middle suburbs it reduced from 2 per cent to 1.8 per cent. The outer suburbs retained the tightest market, with a 0.7 per cent rental vacancy rate compared with 0.8 per cent in June.
The lack of available rental houses continues to drive increases in rents. According to the Office of Housing, the rent for a three-bedroom house has, depending on the location, increased by between 3.9 per cent and 11 per cent in the past year. The comparative figure for a two-bedroom unit or apartment is a rise of between 3.1 per cent and 8.3 per cent.
And with Melbourne’s population increasing strongly and little new medium density development occurring, there continues to be no sign of improvement in the short to medium term.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.