Which Melbourne Suburbs Have The Most Homes Available for Rent?

By CoreLogic RP Data on 26 Feb 2014
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Based on rental advertisements*, the easiest place to find a rental home in Melbourne is in the inner city or inner southeast. 

Melbourne, St Kilda, South Yarra, Southbank and Docklands have each seen well over 1,000 units advertised for rent in the past year. The central suburb of Melbourne recorded just over 4,000.

The high prevalence of medium and high-rise units for rent in the inner city is a reflection of the role investors have played in supporting the growth of these markets.

It is quite remarkable to think that only twenty years ago the inner suburbs of Melbourne, Docklands and Southbank either did not exist or had very few houses for rent.

“Many suburbs with a high number of rental houses are affordable, excluding Richmond…”

It is also interesting that in those suburbs the median advertised rent is well above the median for Melbourne, which was $392 per week. In the suburb of Melbourne the median rent was $450 per week, in Southbank it was $530 and $540 in Docklands.

The suburb with the highest volume of houses advertised for rent was Frankston where the median advertised rent was $310 per week. This is well below the comparable number for the metropolitan area of $438.

Many other suburbs with a high number of rental houses are also affordable, excluding Richmond, which is ranked fourth by number of houses for rent but has a very high median advertised rent of $580 per week. This market will be driven by the demand for houses close to the CBD.

Top 5 suburbs ranked by number of houses advertised for rent

Frankston
Pakenham
Reservoir
Richmond
Point Cook

Top 5 suburbs ranked by number of units advertised for rent

Melbourne
St Kilda
South Yarra
Southbank
Docklands

* Rental observations are based on rental advertisements. These counts have been de-duplicated and rental advertisements are only counted when they can be physically matched to a property in our database.

This article was originally published on RP Data.

About the Author

RP Data is the largest provider of property information, analytics and risk management services in Australia and New Zealand with a database of 220 million property records. RP Data services customers ranging from real estate agents and consumers to banks, mortgage brokers, financial planners and government bodies.

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