Rental Report statistics - September quarter 2024
According to the Homes Victoria September Quarter 2024 Rental Report, median rent increased over the quarter in metropolitan Melbourne (by $20, to $570 per week) and remained stable in regional Victoria (at $450 per week).
The Metropolitan Rent Index (MRI) remained stable over the September quarter 2024. This is the first quarter over which the MRI has not increased since the June quarter 2021. Over the past year the MRI increased 8.0 per cent. This is below the annual increase to the September quarter 2023 (15.8%), but above the long-term average annual increase over the past 10 years (4.1%).
The Regional Rent Index (RRI) increased by 1.6 per cent over the September quarter 2024. This increase compares with a 1.2 per cent increase over the last quarter, and a 0.8 per cent increase over the September quarter 2023. Over the past year, the RRI has increased 6.8 per cent. This is above the annual increase to the September quarter 2023 (5.3%), and above the long-term average annual increase over the past 10 years (4.7%).
Rental trends – September quarter 2024
| Median weekly rent | Median weekly rent | Rent index | Quarter % change | Annual % change |
|---|---|---|---|---|
| Melbourne | $570 | 305.0 | 0.0% | 8.0% |
| Regional Victoria | $450 | 327.5 | 1.6% | 6.8% |
| Victoria | $550 | 304.5 | 0.2% | 7.8% |
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 - September 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 September quarter 2024.
Affordable lettings by local government area - September quarter 2024 (Excel)
Moving annual rent by suburb - September quarter 2024 (Excel)
Quarterly median rent by local government area - September quarter 2024 (Excel)
Tables from rental report - September 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?