Melbourne rental price downturn “off the charts”

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From The Urban Developer

‘No End In Sight’ for Melbourne’s Rental Downturn

Now may be a great time to renegotiate your Melbourne apartment rent or upscale to a bigger apartment in or near your building with Melbourne rental stock and vacancy rates off the charts.

According to The Urban Developer;

Melbourne’s rental prices have continued to fall in the face of record-level unit vacancy rates and economists warn there is no end in sight.

The city’s investors have felt the pinch of capped international migration and the post-pandemic exodus from the city as people moved interstate for lifestyle and less strict lockdown conditions than those the Victorian capital has experienced.

Melbourne had the highest vacancy rate in the country for both the house and unit markets.

Archistar chief economist Dr Andrew Wilson said most capital cities were experiencing an upswing in rental prices with house vacancy rates below 2 per cent across all other capital cities, except Melbourne with 2.5 per cent.

Read the full story at The Urban Developer

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