Rents fall in Melbourne as over supply hits market

Apartment rents have dropped in a handful of Melbourne suburbs, with noticeable declines recorded in several inner-city enclaves where developments are continuing to spring up, analysis of official data from the Department of Health & Human Services shows.

The Rental Report for the March quarter, which is based on the number of active bonds held by tenants in Victoria, said the size of the rental market had increased by 3.3 per cent on the same quarter in 2014.

But while the rental market grew, the data showed median rents dipped year on year in a collection of suburbs, noticeably for one-, two- and three-bedroom units.

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