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Vacancy rates remain low in Victoria, triggering rental prices to grow.
The average rental price across Melbourne has increased by $10 in the last year, as the Victorian capital has a vacancy rate of 2.2 per cent.
The shortage in rental stock means renters are paying a premium for their homes, creating an urgent need for more rental accommodation across the state, REIV president Leah Calnan said.
“Healthy vacancy rates should be around 4 per cent, most of the state is sitting at 1 or 2 per cent, increasing demand has led to rental price climbing,” Ms Calnan said.
“Our members have reported to us that many homes have been sold or are being kept off the market, leading to a surge in housing demand.
“With competition for housing at a high, many families are struggling to put a roof over their heads, which puts a lot of pressure on local welfare groups.”
Ms Calnan wants to see the state government work with landlords to encourage them to rent their investment homes.
“New rental homes are being leased out in record time; therefore, more owners should be encouraged to put their property on the rental market,” she said.
“With rising rents and increased demand, now is a great time to rent out your investment property.”
