Rental report

The rental report provides key statistics on the private rental market in Victoria.

Rental Report statistics - December quarter 2023

The December quarter 2023 Rental Report indicates that over the previous quarter the median rent increased by $15 in metropolitan Melbourne to $530 per week but remained stable in regional Victoria at $430 per week.

The Melbourne Rent Index (MRI) increased by 2.5 per cent in the December quarter. In the twelve months to December 2023, the MRI increased by 15.2 per cent. This annual rate of change is 0.6 percentage points lower than the September quarter but well above that in the twelve months to December 2022 (11.8%) and well above the long term average annual increase over the past ten years (3.4%).

The Regional Rent Index (RRI) increased by 1.3 per cent in the December quarter. In the twelve months to December 2023, the RRI increased by 4.8 per cent. This annual rate of increase is below that in the twelve months to December 2022 (7.2%) but above the long-term average annual increase over the past ten years (4.5%).

Rental trends – December quarter 2023

Median weekly rentMedian weekly rentRent indexQuarter % changeAnnual % change
Melbourne$530289.42.5%15.2%
Regional Victoria$430310.71.3%4.8%
Victoria$505288.92.3%13.7%

Notes

  • Median weekly rent is based on all new rental lettings for the quarter.

  • The Rent index is based on median rents stratified by location and dwelling type to control for compositional shifts in new lettings. June quarter 1999 = 100.

  • Quarterly and Annual percentage change is calculated from the relevant Rent Indices, not median weekly rents.

Rental Report - December quarter 2023 (Word)

Rental Report time series data

The following spreadsheets provide selected charts and tables from the report and detailed time series statistics for some key Rental Report time series data from June quarter 2000 to December quarter 2023.

Affordable lettings by local government area - December quarter 2023 (Excel)

Moving annual rent by suburb - December quarter 2023 (Excel)

Quarterly median rent by local government area - December quarter 2023 (Excel)

Tables from rental report - December quarter 2023 (Excel)

More information

Email Social Housing Reform unit: shr@homes.vic.gov.au

See the Past rental reports page for Rental Reports from 2007 onwards.

See also a tool about what does rent cost in Victoria?