The Booming Rental Market in Melbourne: Low Vacancy Rates and High Rent

Melbourne's rental market continues to boom in 2023, with low vacancy rates and high rent prices persisting into the new year. According to the latest data from CoreLogic, the vacancy rate for rental properties in Melbourne remains at an all-time low of 1.1%.

This tight rental market has continued to put upward pressure on rental prices, with the median rent for a two-bedroom apartment in Melbourne increasing by 3.8% in the past year alone, to reach an average of $550 per week. The trend is expected to continue throughout 2023, as the population of Melbourne continues to grow and demand for rental properties increases.

Despite the challenges faced by renters in the current market, the state government's recent changes to rental laws have given tenants greater protection and made it more difficult for landlords to evict tenants or raise rents without just cause. This has been welcomed by many renters, but landlords are now having to navigate these changes and ensure they are complying with their obligations under the new laws.

At Diamond Property Management, we understand the challenges and opportunities presented by Melbourne's rental market in 2023. With our years of experience managing rental properties in Melbourne, we can provide expert advice on how to navigate this rapidly changing market. Contact us today to learn more about our services and how we can help you achieve your rental property goals.