An analysis undertaken by RP Data has revealed the easiest places to find a rental property in Melbourne.
Melbourne’s inner city or inner south east remain the easiest places to find a rental property in the city.
The analysis, based on rental advertisements, revealed that 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 highrise units for rent in the inner city is a reflection of the role investors have played in supporting the growth of these markets,” the analysis undertaken by Robert Larocca, RP Data’s Victoria housing market specialist, found.
Mr Larocca's findings come not long after SQM Research's managing director, Louis Christopher, issued a warning to investors earlier this month about rising vacancy rates in not only Melbourne's CBD, but Perth and Brisbane as well.
“It is quite remarkable to think that only 20 years ago the inner suburbs of Melbourne, Docklands and Southbank either did not exist or had very few houses for rent,” Mr Larocca added.
“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 it was $540 in Docklands.”
He said 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,” he said.