The rental market in Melbourne has been extremely competitive lately, with rents rising rapidly across the city. For renters on a budget, finding an affordable rental can feel next to impossible. However, there are still affordable options out there if you know where to look.
According to data from a top Melbourne real estate agency, there are 5 suburbs where you can still find rental homes for under $500 per week. These affordable suburbs provide a lifeline for renters who are getting priced out of other parts of Melbourne.
Footscray – A Diverse Suburb With Transport Links
One of the most affordable options is Footscray, located just west of the CBD. Footscray is culturally diverse, with a mix of new immigrants and long-term residents from various backgrounds. It has excellent public transport connections via train and bus into the city center.
Footscray has plenty of classic weatherboard homes and some newer apartment developments. For under $500 per week, you can find a modest 2-3 bedroom home or apartment in Footscray. It may not be glamorous, but it provides an affordable base in a suburb with a strong sense of community.
Reservoir – A Hidden Gem North of the City
Reservoir is another suburb with rental options under $500 per week. Located 10km north of the CBD, Reservoir is a predominantly residential area with parks, walking trails, and easy access to nearby Northland Shopping Centre.
Reservoir has a friendly, laidback vibe and many streets lined with trees. There is a range of housing options including Victorian cottages, weatherboard homes, and brick units. For under $500, you can find a basic but comfortable 2-bedroom home. Reservoir’s quiet, suburban atmosphere makes it ideal for families.
Sunshine – Up and Coming With Good Access
Sunshine, in Melbourne’s west, has historically been an affordable working-class area. Recently it has started attracting students and young professionals, bringing new cafes and eateries. Sunshine has good public transport links via train into the CBD and out to Victoria University.
In Sunshine, older 1-2 bedroom units are available for under $500 per week. Newer townhouses and apartments for around $500 per week offer more modern styling and amenities. Sunshine provides cheaper rents than many other western suburbs while undergoing an exciting revival.
Other Affordable Options
A couple of other Melbourne suburbs also have rental options under $500 per week. These include older areas like Brunswick West, which has some run-down but cheap housing stock alongside some trendy cafes and shops. Lalor towards Melbourne’s northern fringe also has modest family homes available for under $500 weekly.
While these affordable rental suburbs may not suit everyone, they do provide cheaper options for budget-conscious renters. Compromising on location can save hundreds per month compared to renting in more upmarket suburbs. For Melbourne residents without a lot to spend, looking to these more affordable areas could ease some financial pressure.
Final Tips for Finding a Cheap Rental
While the affordable suburbs highlighted here are a good starting point, the best approach is to cast a wide net in your rental search. Look beyond the most popular inner-city areas to find cheaper options. Consider older homes and apartments over newly built properties, which usually come with premium price tags. Check listings frequently and be ready to apply immediately for anything suitable.
With persistence and flexibility, it is still possible to lock down an affordable rental in Melbourne. Compromising on location and amenities can reap huge savings. Don’t give up hope – cheap rentals are still out there!