News

Melbourne becoming a cheap place to rent

15 April 2021

Melbourne is becoming one of the most affordable capital cities in the country to rent, with house rents hitting record highs in some states.

In fact, it’s the first time ever that Melbourne has become the second-most affordable capital city to rent a house in and if we keeping tracking the way we are could become number one.

There’s been a significant shift in demand for houses over units and regional areas over cities since COVID hit.

Average house rents in Melbourne dropped $10 a week to $430 in the March quarter according to Domain figures.

"For the first time on record, Melbourne is the second-most-affordable capital city to rent a house, joint with Perth and behind Adelaide," Domain research analyst Nicola Powell said.

"It was only mid-2020 that Melbourne was the third-most-expensive city to rent a unit, behind Sydney and Canberra. It is now the third-most-affordable city to rent a unit, after Adelaide and Perth."

"Tightening rental conditions in Adelaide and Perth could push rents higher than Melbourne in coming months, which would make Melbourne the most affordable city [in which] to rent."

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