Rental Report statistics - March quarter 2024
According to the March quarter 2024 Rental Report, median rents increased over the quarter, both in metropolitan Melbourne (by $30, to $560 per week) and in regional Victoria (by $15, to $445 per week).
The Melbourne Rent Index (MRI) increased by 4.6 per cent over the March quarter, and by 14.6 per cent over the past year. The annual increase is the same as that in the March quarter 2023 and well above the long-term average annual increase over the last 10 years (3.7%). It continues a trend of higher-than-average annual increases since the March quarter of 2022.
The Regional Rent Index (RRI) increased by 2.6 per cent in the March quarter, and by 5.3 per cent over the past year. The annual increase is below that of the twelve months to March 2023 (6.3%), but above the long-term average annual increase over the past ten years (4.6%). It continues a trend of higher-than-average annual increases since the December quarter of 2020.
Rental trends – March quarter 2024
| Median weekly rent | Median weekly rent | Rent index | Quarter % change | Annual % change |
|---|---|---|---|---|
| Melbourne | $560 | 302.5 | 4.6% | 14.6% |
| Regional Victoria | $445 | 318.7 | 2.6% | 5.3% |
| Victoria | $550 | 301.3 | 4.3% | 13.3% |
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 - March quarter 2024 (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 March quarter 2024.
Affordable lettings by local government area - March quarter 2024 (Excel)
Moving annual rent by suburb - March quarter 2024 (Excel)
Quarterly median rent by local government area - March quarter 2024 (Excel)
Tables from rental report - March quarter 2024 (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?