Rental market remains tough through January
Contact
Feb 19, 2020
Rental market remains tough through January
Another month of low vacancy rates has left Victoria's rental market toughing it out, according to REIV President Leah Calnan.
-
REIVLeah Calnan, president, REIV
The latest rental data from the REIV Vacancy rates remained stable for both metro (2.2 per cent) and regional (1.7 per cent) areas.
Median rents for Melbourne houses remained at $480 per week during January; however there was some relief for regional renters with the average rent for regional houses having
decreased to $350 per week.
Median rents for regional units remained at $290 per week, while those units in the city increased to a weekly rent of $445.
At a Glance:
- Median rents for Melbourne houses remained at $480 per week during January
- Median rents for regional units remained at $290 per week
- Median rents for city units increased to $445
REIV President Leah Calnan said Victoria’s rental market was still in need of more rental properties.
“Rental homes remain very popular across Victoria, vacancy rates in Melbourne are at a very low 2.2 per cent for January.” said Ms Calnan.
“While regional Victoria with a vacancy rate of 1.7 per cent has a come a long way since having a rate of just 1.2 per cent last year, more improvement is drastically needed.
“Healthy vacancy rates are usually around the 3-4 per cent mark, having vacancy rates as low as 1.7 per cent or 2 per cent is not sustainable.
“Our members are reporting that each new property is being flooded with rental applications, and are rented out in no time.”
Source: REIV
Ms Calnan said there is a strong demand for more rental properties, and sadly many families are still struggling to get a rental home.
“With vacancy rates having stayed below 3 per cent since March 2016 in Victoria, more homes are badly needed," said Ms Calnan.
“Many landlords remain confused about the upcoming changes to the rental laws introduced by the Victorian Government, with many being apprehensive about how the new
regulations will impact them.
“The Andrews Government needs to work more closely with landlords and the real estate sector to ensure more homes are available to rent.”
More rental data on REIV website.
Similar to this:
Vacancy rates remain low in Victoria
Victorian rental vacancy rates at record lows, not enough for a healthy market
Contact Details:
