‘Life’s tough if you’re a renter’: Melbourne rents skyrocket to record high
- melbournepropertyh
- Jan 12, 2023
- 1 min read
Melbourne rents have rocketed to record highs, jumping as much as 20 per cent in a year and prompting fears of homelessness and housing stress for low-income households.
The median apartment rent hit $450 per week, up 20 per cent from 12 months earlier in the fastest annual growth on record, the Domain Rent Report for the December quarter released on Thursday showed.
For houses, the median rent reached a record high $480 and grew 7.9 per cent in the 12 months to December.
The increase comes amid growth in demand as tenants make pandemic living habits permanent and eschew share houses for their own space, at the same time as international borders reopen.
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