Rent in Melbourne

Melbourne is a multifaceted metropolis of more than four million people. It is the capital of Victoria and the second-largest city on the continent. Its skyline features a mesmerizing mix of skyscrapers and Victorian mansions, thus bespeaking, in symbolic form, the co-existence of the old and new in this interesting city.

Why People Are Renting in Melbourne

Melbourne is growing by leaps and bounds, attracting new residents from across the nation and around the world. Many new members of the 200 or so distinct expatriate communities opt to rent in Melbourne upon arrival and only later search for a home to purchase. The city also boasts a large population of college students who stand in need of some form of property to rent in Melbourne. Others choose to rent simply because it is cheaper than purchasing real estate or because renting facilitates freedom and mobility. Finally, the beauty and uniqueness of the houses and apartments available for rent in Melbourne is another factor that makes it a great place to rent property.

Apartments and Houses for Rent in Melbourne

Houses & Apartments for rent in Melbourne, Victoria. Image by Jes under the CC BY-SA 2.0 License

Beautiful Houses For Rent in Melbourne

The northern suburbs have some quality houses with decent-sized yards, but many of the other suburbs have mostly small houses which sit on very small lots. In Albert Park, on the southern beach strip, however, the story is different. There, you will find Victorian brick homes, two-story terrace houses, weatherboard cottages, and Edwardian-period homes. There is something, it seems, from every era. The tree-lined streets, quaint cafes and shops, tram and light rail access, and superior school districts add to the appeal. If you are looking for houses for rent in Melbourne, this is a prime area to investigate.

Albert Park Lake, Melbourne

There are many Melburnians who would like to rent around Albert Park Lake. Image by Jessica Cross under the CC BY-2.0 License

Attractive Apartments For Rent in Melbourne

Although there are plenty of houses for rent in Melbourne, it must be confessed that there are far more Melbourne apartments for rent. There are numerous shoebox flats and Victorian-style terrace units for rent, but the big boom right now is the modern, high-rise apartments for rent in Melbourne. They are so popular, in fact, that they can hardly be built fast enough to satisfy the constant demand.

One respect in which renting in Melbourne has taken a different turn than in most other parts of Australia is the popularity of inner-city, “hipster” apartments. In other places, especially the Gold Coast of Queensland, everyone is looking for a beachfront apartment. There is a market for beach-side renting in Melbourne as well, but the inner-city and northern suburbs dominate the market.

The Layout of Real Estate in Melbourne

Melburnians are divided into five main zones: the inner city, the northern suburbs, the western suburbs, the eastern suburbs, and the southeastern suburbs. Only the inner-city and northern suburbs are booming right now, however.

Most of the inner-city is not far from the beach, and some of it is right on the beach. Inner-city Melbourne consists of four sub-districts: “the City,” Port Phillip, Docklands, and Yarra. Brighton and St. Kilda beaches are near the city’s southern coast, and places like Docklands, Southbank, and Port Phillip take advantage of that fact.

Beach in St Kilda

Beach scenery in St Kilda

The northern suburbs include Fitzroy, Fitzroy North, Collingwood, Clifton Hill, Moonee Valley, Moreland, and more. Real estate in Melbourne northern suburbs is exploding in the area between the Melbourne Zoo and Thomas Embling Hospital. There are numerous Melbourne apartments for rent in this area as well as well-built family homes.

As there are 485 Melbourne suburbs, besides the downtown area, it would be impossible to
touch on all the ins and outs of real estate in Melbourne. Thus, we have noted the most popular areas. Melbourne apartments for rent and houses for rent in Melbourne vary quite a bit from suburb to suburb. The whole complex, however, is well connected to the city center by tram and light rail. In sum, we can say that the north, inner-city, and beach strips are the three places where renting in Melbourne is experiencing the most growth.

Many Young People Are Renting in Melbourne

Besides being the most cosmopolitan city in Australia, Melbourne is also one of the youngest. That is, half of its population is less than 35 years old. Young adults are far more likely to look for apartments for rent in Melbourne than other demographics. These facts alone significantly boost the stats on those who rent in Melbourne.

Real Estate in Melbourne is a Lucrative Market

The fast pace at which many apartments for rent in Melbourne fill up and at which many rental properties sell is indicative of a healthy, competitive market. It is not uncommon to see real estate go on and off the market in three weeks’ time. Business men and women have not failed to notice this opportunity-rich situation, and many Melbourne apartments for rent are as profitable for the investors as they are affordable for the renters.

The Easy Lease Process of Renting in Melbourne

Houses and apartments are filling up fast, and busy agents are willing to make the leasing process simple. You will need to give a few basic pieces of information like name, present address, place of employment, etc., but they make it as easy as possible. Furthermore, the very same agent who originally rented the property to you will be your contact for all future needs and questions. The only exception to this is when that agent no longer works for that agency, in which case, you will be assigned a new agent.

Summary

The affordable housing and apartment units of Melbourne are attracting renters from all over Australia and from across the world. High-rise apartments, beach-side cottages, and spacious homes in the northern suburbs are growing like wildfire. The generally pleasant climate of Melbourne and its quaint, antique buildings have also contributed to its overall allure. Investors are making money hand over fist, and agents are doing so well that they don’t mind making the lease process fast and painless.