Rents rise as larger Melbourne homes prove popular

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The popularity of large rental properties in Melbourne’s Bayside municipality is having a positive effect on rents in the region according to the Real Estate Institute of Victoria (REIV).

According to figures from the REIV, median weekly asking rents for larger homes in the suburbs making up the region posted solid increases for the year to June.

The largest increase over the 12-month period was seen in Cheltenham, where the median weekly rent for three-bedroom apartments increased by 13.3% to $510.

Three-bedroom apartments in the Beaumaris also saw solid gains, with the weekly median rent increasing by 11.1% from $675 to $750.

Meanwhile, three-bedroom homes in Hampton saw strong rental growth, increasing 9.8% over June 2014 figures to $725 per week. The median weekly rent for the same sized property in Highett also grew to $510 in June, up from $480 last year - a 6.3% increase.

The median rent for a four-bedroom home in Brighton increased 7.3% to $1,288 over the year while one-bedroom apartments grew 7% to $356 per week. 

Rental increases were also recorded for two-bedroom properties in Brighton East. The weekly median rental for a two-bedroom apartment in Brighton East grew by 10.5% to $450 while rent for the same sized house was up 10% to $450. 

Other suburbs experiencing rental growth across the municipality included two-bedroom apartments in Black Rock, up 6.1% to $425 in June and four-bedroom homes in Sandringham, up 8.7% to $950 per week. 

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