The Melbourne suburbs where tenants are bearing the brunt of record rent rises

Unit rents in the Melbourne CBD have spiked by 33.3 per cent in a year as landlords claw back pandemic discounts and price out some tenants.

The median rent for an apartment in the CBD reached $480 per week, the Domain Rent Report for the December quarter showed. West Melbourne units were just behind, at $470 per week, up 25.3 per cent in the past 12 months.

Nearby Southbank and Docklands landlords were asking for $500 per week in rent, up 23.5 per cent and 22 per cent, respectively.

Although Melbourne CBD unit rents are still 4 per cent below their levels five years ago, the pace of the rebound as Melbourne reopened has been a shock.

Read More: https://www.smh.com.au/property/news/the-melbourne-suburbs-where-tenants-are-bearing-the-brunt-of-record-rent-rises-20230112-p5cc3x.html