Victorian Houses for Rent Experience Vacancy Drop
The availability of houses for rent in Victoria contracted slightly in May, new figures have revealed, with vacancy rates falling from 3.2 per cent to 2.8 per cent.
According to the Real Estate Institute of Victoria (REIV), the data exhibited only minor variations and said availability had hovered around three per cent throughout the year.
There was a knock-on effect for real estate in Melbourne, causing weekly median rents to climb from $382 to $390 in the state capital.
Inner-city vacancies remained high, although rental home availability dropped from 4.4 per cent in April to 3.9 per cent last month.
The REIV said there was noticeable tightness in the market for three-bedroom houses for rent in the inner suburbs, as well as one and two-bedroom units across the metropolitan area.
The lack of real estate in these categories forced median rents higher, it added.
"The middle suburbs remained reasonably stable at three per cent and there was a contraction in the outer suburbs where the vacancy rate dropped from 2.8 to 2.2 per cent," the organisation stated.
Regional Victoria experienced a rise in availability, jumping from 3.3 per cent to 4.1 per cent.
Geelong posted the biggest gains, seeing its vacancy rate advance from 4.4 per cent to 6.7 per cent.