Rental Report statistics - December quarter 2024
According to the Homes Victoria December Quarter 2024 Rental Report, median rent decreased over the quarter in metropolitan Melbourne (by $10, to $560 per week) and increased in regional Victoria (by $5, to $455 per week).
The Metropolitan Rent Index (MRI) increased 0.4 per cent over the December quarter 2024, after remaining stable over the September quarter 2024. This compares with a 2.5 per cent increase over the December quarter of last year. Over the past year the MRI increased 5.9 per cent. This is well below the annual increase to the December quarter last year (15.2%), but above the long term average annual increase over the past 10 years (4.2%).
The Regional Rent Index (RRI) increased 1.0 per cent over the December quarter 2024. This compares with a 1.6 per cent increase over the September quarter 2024 and a 1.3 per cent increase over the December quarter of last year. Over the past year the RRI increased 6.5 per cent. This is above both the annual increase to the December quarter 2023 (4.8%) and the long term average increase over the past 10 years (4.9%).
Rental trends – December quarter 2024
| Median weekly rent | Median weekly rent | Median Rent Quarterly Change | Rent index | Quarter % change | Annual % change |
|---|---|---|---|---|---|
| Melbourne | $560 | -$10 | 306.3 | 0.4% | 5.9% |
| Regional Victoria | $455 | $5 | 331.0 | 1.0% | 6.5% |
| Victoria | $550 | $0 | 306.0 | 0.5% | 5.9% |
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.
Homes Victoria Rental Report - December 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 December quarter 2024.
Affordable lettings by Local Government Area - December quarter 2024 (Excel)
Moving annual rent by suburb - December quarter 2024 (Excel)
Quarterly median rents by Local Government Area - December quarter 2024 (Excel)
Tables from Rental Report - December 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.