Welcome! If you’re pursuing your studies in Melbourne in 2024. and no idea how to navigate Melbourne’s rental market to find the perfect accommodation. You are in the right place. This blog guides how to rent ideal student accommodation in Melbourne for 2024.
Melbourne Student Accommodation Rental Market
According to a report by Savills Australia, studio rents across three of the four largest markets are now at record levels, with Melbourne within 2% of pre-pandemic rates for the 2023 academic year. This indicates a robust recovery of the rental market following the impact of the pandemic.
Moreover, other data shows that the average rent in Melbourne, as of October 2023, was approximately AU$1,560 to AU$1696 per month for an apartment, with a 3-bedroom apartment costing around AU$2,195. The cost typically varies depending on the location, size, and quality of the property. Popular student areas in Melbourne include Carlton, Parkville, and Southbank, conveniently located near the city’s top universities. However, these areas also have higher rental rates due to their prime locations.
In addition, the Domain rental report indicates that the weekly rent averages AU$ 440 for houses and AU$ 400 for units. These rates have increased recently, with house rents reaching a record of AU$ 520 per week and unit rents jumping 22% to AU$ 500 per week. For example, rents at student accommodation provider Scape are already 10% above their pre-pandemic level.
Moreover, due to the shortage of rental properties, some international students have resorted to buying houses while others compete fiercely for available rental properties, driving the prices even higher.
In conclusion, the Melbourne student accommodation rental market is characterized by high demand and limited supply, leading to increased rental rates. If you’re considering studying in Melbourne in 2024, it’s crucial to factor in these dynamics when planning your budget and accommodation.
Step-by-Step Guide to Renting in Melbourne
1. Budgeting:
Before you start your search, you need to know how much you can afford. This involves not only considering the cost of rent but also utilities, groceries, transportation, and other personal expenses. Calculate your monthly income and subtract all these costs to determine a comfortable rent budget. Remember, it’s generally recommended not to spend more than 30% of your income on rent.
2. Searching:
With your budget in mind, you can start looking for properties. At uhomes.com, you can browse and find suitable student accommodation in Melbourne that matches your preferences. Be sure to filter your search based on your budget, preferred location, and property requirements. Start your search around four weeks before your intended move-in date to give yourself ample time to find a suitable place.
3. Inspecting:
Inspecting potential properties is crucial. During inspections, pay attention to the condition of the property. Check for signs of damage or disrepair, ensure all appliances are working, and assess the overall cleanliness and security of the property. It’s also a good idea to take photos during your inspection as a record of the property’s initial condition.
4. Applying:
Once you’ve found a property that suits your needs, you’ll need to submit a rental application. This usually involves providing identification, proof of income or financial stability, and references from past landlords or employers. Some landlords might also require a credit check. Make sure to review the lease agreement carefully before signing it to understand all the terms and conditions.
5. Signing the Lease:
After your application is approved, the next step is signing the lease. This contract outlines the terms of your tenancy, including the duration of the lease, the amount of rent and when it’s due, and the landlord’s and tenant’s responsibilities. Read the lease thoroughly and make sure you understand all the terms before signing. If anything is unclear, don’t hesitate to ask for clarification.
6. Moving In:
Finally, it’s time to move in! Plan your moving day in advance to minimize stress. Once you’ve moved in, arrange for utilities to be connected if they aren’t already, and start making the place feel like home. This might involve setting up furniture, decorating, and getting to know your new neighborhood.
Tips for a Successful Rental Experience
Embarking on your rental journey can be exciting, but it’s crucial to approach it with wisdom and foresight. Here are some tips to ensure a successful and fulfilling rental experience.
1. Foster a Good Relationship with Your Landlord
Your landlord is not just someone who collects your rent. Establishing a positive relationship with them can make your renting experience smoother. Be respectful, communicate openly about any issues, and adhere to the rules stated in your lease agreement. Remember, a good tenant-landlord relationship is built on mutual respect and understanding.
2. Understand Your Rights as a Tenant
Knowledge is power, especially when it comes to your legal rights as a tenant. In Melbourne, your rights are protected under the Residential Tenancies Act 1997. It covers a range of obligations and protections, such as the right to quiet enjoyment, safety, privacy, and more. Familiarize yourself with these rights to ensure you’re treated fairly and can advocate for yourself if necessary.
3. Save Money Where You Can
Renting doesn’t have to break the bank. There are numerous ways to save money while enjoying your rented space. Consider sharing your apartment with roommates to split the cost, or opt for a less popular neighborhood where rents might be cheaper. Be energy-conscious to keep utility bills low, and consider investing in renter’s insurance to protect your belongings and save potential replacement costs.
4. Regular Maintenance
Take care of your rented property as if it were your own. Regular maintenance can prevent minor issues from becoming major problems. Not only does this make your living environment more pleasant, but it also fosters a positive relationship with your landlord.
5. Plan Ahead
Lastly, always plan ahead. Whether it’s saving for rent increases or potential emergencies, or planning your move-out well in advance, being prepared can help you navigate the rental process with more confidence and less stress.
