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Renters Still Keen in 2021

Despite its strict lockdowns in 2020, inner-city Melbourne suburbs continued to appeal to renters. Richmond was the most in-demand suburb for houses across all capital cities with 147,284 highly-engaged renters looking in that suburb, while Melbourne CBD was the most in-demand suburb for units (623,291 renters).

Th demand for accommodation in Richmond would be driven by all the features and benefits that have always been there including access to lifestyle amenities such as restaurants, bars, sport, public transport and retail; and inner-city living without the concentration of high rise properties.

But at the same time, lifestyle locations in regional settings have remained popular with renters. This is because in 2020, space became more of a priority for some renters as remote working allowed them to live just about anywhere. As a result, demand for rental properties in idyllic lifestyle spots in regional and coastal areas has surged.

And in 2021 so far, not much has changed. New data from shows renters still appear to be highly engaged with regional and coastal locations, however this is predicted to slow as the year progresses.

While demand from renters for properties in scenic locations is expected to remain strong over the remainder of the year, the level of rent growth is likely to be below that seen last year. This is because many of those who are now able to live further away from their workplaces have already made the move.

Although the gradual increase in office occupancy may also drive some people who had moved to outer locations back closer to cities, which could help to support a recovery in rent growth in these areas.

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