There has been little change in the Victorian rental market in January, but there is still a need for more rental properties, the REIV said.
The latest rental figures from the REIV revealed both the metro and regional vacancy rates remained stable at 2.2 per cent and 1.7 per cent, respectively.
Additionally, the median rent for a unit in the regions remained at $290 per week, while the weekly rent ticked up $5 in the city to $445.
Although the vacancy rate had increased in the regions from the 1.2 per cent low last year, the REIV wants to see more improvement to increase the number of rentals.
“Healthy vacancy rates are usually around the 3 per cent to 4 per cent mark; having vacancy rates as low as 1.7 per cent or 2 per cent is not sustainable,” REIV president Leah Calnan said.
“Our members are reporting that each new property is being flooded with rental applications and is rented out in no time.
“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.
“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.”