Rental Report statistics – December quarter 2022
The December quarter 2022 Rental Report indicates that over the previous quarter the median rent increased by $20 in metropolitan Melbourne to $460 per week but remained stable in regional Victoria at $400 per week.
The Melbourne Rent Index (MRI) increased by 3.0 per cent in the December quarter. In the twelve months to December 2022, the MRI increased by 11.8 per cent, the largest annual increase since the September quarter 2008. This annual rate of change is well above that in the twelve months to December 2021 (0.8%) and well above the long-term average annual increase over the past ten years (2.1%).
The Regional Rent Index (RRI) increased by 1.8 per cent in the December quarter 2022. In the twelve months to December 2022, the RRI increased by 7.2 per cent. This annual rate of increase is below that in the twelve months to December 2021 (8.7%) but well above the long-term average annual increase over the past ten years (4.1%).
Rental trends – December quarter 2022
| Median weekly rent | Median weekly rent | Rent index | Quarter % change | Annual % change |
|---|---|---|---|---|
| Melbourne | $460 | 251.1 | 3.0% | 11.8% |
| Regional Victoria | $400 | 296.3 | 1.8% | 7.2% |
| Victoria | $450 | 254.0 | 2.8% | 11.0% |
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 - December quarter 2022 (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 2022.
Affordable lettings by local government area - December quarter 2022 (Excel)
Moving annual rents by suburb - December quarter 2022 (Excel)
Quarterly median rents by local government area - December quarter 2022 (Excel)
Tables from rental report - December quarter 2022 (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.