For the December quarter 2020
The December quarter 2020 Rental Report indicates that over the previous quarter the median rent remained stable in metropolitan Melbourne at $400 per week and increased in regional Victoria by $10 to $350 per week.
The Melbourne Rent Index (MRI) decreased by 0.7 per cent in the December quarter, the third decrease in consecutive quarters. In the twelve months to December 2020, the MRI decreased by 6.3 per cent. This annual rate of change is well below that in the twelve months to December 2019 (1.3%) and well below the long-term average annual increase over the past ten years (2.0%).
The Regional Rent Index (RRI) increased by 3.3 per cent in the December quarter. In the twelve months to December 2020, the RRI increased by 5.9 per cent. This annual rate of increase is above that in the twelve months to December 2019 (3.9%) and above the long-term average annual increase (3.2%).
Rental trends – December quarter 2020
|Median weekly rent||Median weekly rent||Rent index||Quarter % change||Annual % change|
- 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. September 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 December quarter 2020.