Renting in Melbourne’s inner suburbs is getting cheaper
RENTS have gone backwards in some inner-Melbourne neighbourhoods. Find out where tenants are getting the best deals.
INNER-CITY living is getting cheaper in some Melbourne neighbourhoods.
Rents have barely moved in most inner suburbs, while prices are going backwards in others, according to a report from buyers advocate Secret Agent.
The construction of new apartment blocks and growing investor activity were creating more rental opportunities, the report said.
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It is good news for tenants, who in some places are paying less in rent than two years ago.
One-bedroom apartments in Brunswick have gotten cheaper, with the median weekly rent falling from $330 to $300.
Meanwhile, tenants looking for something larger could be in luck in Carlton North or Kensington, where the median price of a two-bedroom apartment fell by $50 a week, to $400 and $350 respectively.
Upmarket East Melbourne has also seen a price drop, from $495 to $450 per week for a two-bedroom apartment.
Secret Agent researcher Jodie Walker said renters could find good value in recently completed developments close to the CBD.
“Many landlords will be offering incentives to ensure that they are not the last one left vacant,” Ms Walker said.
“The other perk is that you get a brand new property to reside in.”
And the good times for tenants were likely to continue, as new apartment buildings kept going up.
However, renters such as families who were looking for more than a one- or two-bedroom unit could struggle. Ms Walker said.
Competition was likely to be stronger for houses than apartments, as they were harder to find.