The rental report provides key statistics on the private rental market in Victoria.

Rental Report statistics - March quarter 2021

The March quarter 2021 Rental Report indicates that over the previous quarter the median rent remained stable in metropolitan Melbourne at $400 per week and also in regional Victoria at $350 per week.

The Melbourne Rent Index (MRI) decreased by 0.6 per cent in the March quarter, the fourth decrease in consecutive quarters. In the twelve months to March 2021, the MRI decreased by 7.7 per cent. This annual rate of change is well below that in the twelve months to March 2020 (1.5%) and well below the long term average annual increase over the past ten years (1.7%). 

The Regional Rent Index (RRI) increased by 1.7 per cent in the March quarter. In the twelve months to March 2021, the RRI increased by 6.1 per cent. This annual rate of increase is above that in the twelve months to March 2020 (3.6%) and above the long-term average annual increase (3.2%).

Rental trends - March quarter 2021

Median weekly rent Median weekly rent Rent index Quarter % change Annual % change
Melbourne $400 221.5 -0.6% -7.7%
Regional Victoria $350 258.8 1.7% 6.1%
Victoria $395 224.1 -0.3% -5.9%

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. December quarter 1999 = 100.
  • Quarterly and Annual percentage change is calculated from the relevant Rent Indices, not median weekly rents.

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 March quarter 2000 to March quarter 2021.

More information

Email Modelling and forecasting unit: rental.report@dhhs.vic.gov.au

See the Past rental reports page for Rental Reports from 2007.