Higher rents expected in 2018.

In February there was a sharp drop in Melbourne’s vacancy rate falling from 1.8 to 1.4 per cent.  Part of this is seasonal, but the sustained low rate should see rents continue to rise.  “Melbourne’s rents could continue to climb higher this year, given the explosive population growth that it is currently experiencing” according to SQM Research managing director Louis Christopher. Advertised rents for houses and units have risen 0.6 per cent and 0.9 per cent over the month respectively to $531 and $404 per week.