Melbourne renting: Sign that relief is on the way as vacancy rate rises, prices slow [Video]

Melbourne renters have faced significant challenges over the past year, but a recent trend suggests that relief may be on the horizon.

Even though median rents were up 6 per cent year-on-year in November, there are signs that things are improving.

Melbourne rents have been on an upward trajectory since March 2021, peaking in December 2023.

During this period, rents increased by 39 per cent, translating to a dollar increase of $155 per week.

However, since the peak, although weekly rents continue to grow, the rate of increase has been decreasing every month.

On the past month alone, Melbourne’s rental vacancy rate has jumped by 31 per cent.

The median weekly rent in Melbourne has only increased by 4 per cent since the peak in December 2023.

This indicates that in 2024, rental growth has notably slowed down, providing hope …