Where Melbourne's inner-city rental market is heading in 2023
Melbourne has always been a trendy urban playground attracting professionals of all ages for work and play.
In the post-pandemic world, the inner city is roaring back to life, with rentals in significant demand.
With 2023 kicking into full gear, we take a look at the key indicators for the inner-city market and the new offerings reinventing renting.
Rental stress
With covid restrictions pushing Melburnians to the regions at record rates, the inner Melbourne’s vacancy rate increased. However, with people flooding back into the city, the vacancy rate has fallen year-on-year from 4.79% to 2.06%, according PropTrack’s latest Quarterly Rental Report.
Vacancy at these low levels have not been seen in at least the last five years, and are considered an historic low, evidenced by the extended queues seen outside open-for-inspections across inner Melbourne.
This is making renters rethink the way they rent and live, especially given the price points for some one-bedroom apartments. Renters are now reconsidering the type of dwelling, as well as the living arrangement (living with friends instead of going solo) to get more bang for their buck
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