I know its all going to change....soon you will be able to rent the same thing for only $35 pw
Renters feel the pinch Robyn Grace March 11, 2009 - 3:07PM Residential rents have risen by an average of 10.9 per cent in the past year as Melbourne tenants continue to feel the rental squeeze.
The median rent for a private rental property in Melbourne was $315 in December last year, an increase of $35 from December 2007, key statistics from the 2008 Rental Report's December quarter shows.
The figures were released by the State Government yesterday ahead of a full report due later this month.
The figures show Victorian rents rose by an average of 10 per cent in the year to December 2008, while regional rents rose 7.4 per cent.
The biggest increase was felt in the June 2008 quarter, when rents leapt by 3.8 per cent in Melbourne.
Rental vacancy rates stayed around 1 per cent for most of the year, figures from the Real Estate Institute of Victoria show.
The December vacancy rate for central Melbourne was 1.2 per cent, up slightly from 1.1 per cent in November.
Regional Victoria vacancy rates rose as to 2 per cent in November.
Rates declined most noticeably in Bendigo and Loddon, where vacancies were at 1 per cent last December, compared with 2.4 per cent the year before.
REIV CEO Enzo Raimondo said the rental market had been below the point when it was considered to be "in balance" - around 3 per cent vacancy rate - for almost four years.
The last time it was above 2 per cent was in December 2005.
"The REIV's own monthly rental vacancy statistics has shown that Melbourne is in the middle of the tightest rental market seen for over 25 years and the lack of vacancies has a direct relationship to the rent that is charged so it is no surprise that rents have gone up," Mr Raimondo said.
"There will continue to be upwards pressure on rents until such time as there is more housing built in the places that people want to live."
