While many property owners are under the impression that rent is always increasing, new statistics show that rent can actually decrease over time.
SQM Research’s Weekly Rents Index recorded a 0.8 per cent year-on-year decrease in asking rental prices for Melbourne houses, while there was a 1.5 per cent year-on-year increase for units.
This may be indicative of soft landlord sentiment in the state, according to SQM Research’s managing director, Louis Christopher.
Across the country, however, the February results were largely flat for vacancy rates and results in the general rental market.
“Residential rental vacancy rates remained unchanged once again at a rate that is illustrative of a landlord's market,” Mr Christopher said.
“While there should be a move of renters turning themselves into first home buyers this year, it does not seem to be at this stage a major shift.”