Rental Report statistics – June quarter 2023
The June quarter 2023 Rental Report indicates that over the previous quarter the median rent increased by $20 in metropolitan Melbourne to $500 per week and increased $20 in regional Victoria at $420 per week.
The Melbourne Rent Index (MRI) increased by 4.1 per cent in the June quarter. In the twelve months to June 2023, the MRI increased by 15.7 per cent, the highest annual increase since this Rental Report series began in 2000.. This annual rate of change is well above that in the twelve months to June 2022 (7.7%) and well above the long-term average annual increase over the past ten years (4.3%).
The Regional Rent Index (RRI) increased by 0.4 per cent in the June quarter 2023. In the twelve months to June 2023, the RRI increased by 5.4 per cent. This annual rate of increase is below that in the twelve months to June 2022 (8.9%) but well above the long-term average annual increase over the past ten years (4.3%).
Rental trends – June quarter 2023
| Median weekly rent | Median weekly rent | Rent index | Quarter % change | Annual % change |
|---|---|---|---|---|
| Melbourne | $500 | 275.0 | 4.1% | 15.7% |
| Regional Victoria | $420 | 304.1 | 0.4% | 5.4% |
| Victoria | $480 | 275.6 | 3.6% | 14.1% |
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. December quarter 1999 = 100.
- Quarterly and Annual percentage change is calculated from the relevant Rent Indices, not median weekly rents.
Rental Report - June 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 June quarter 2023.
Affordable lettings by local government area - June quarter 2023 (Excel)
Moving annual rents by suburb - June quarter 2023 (Excel)
Quarterly median rents by local government area - June quarter 2023 (Excel)
Tables from rental report - June 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.