Local News

Rental prices soar in Bendigo, says REIV

bendigo city daniel brewer

New figures have revealed locals are paying more to rent a home in Bendigo than they were a year ago.

The data, released by the Real Estate Institute of Victoria last week, shows that an average week of rent in Bendigo has increased by just under $20 a week, to cost $340 a week for a house in October this year

That figure is up from $323 seen in September 2019, while compared to October last year, the average price to rent a home sat at $320.

REIV President Leah Calnan says a lack of available housing is to blame for the higher prices.

“There is an urgent need for more rental accommodation across Victoria.” Ms Calnan said.

“Healthy vacancy rates should be around 4%; most of the state is sitting at 1 or 2%, increasing demand has led to rental price climbing.”

“With competition for housing at a high, many families are struggling to put a roof over their heads, which puts a lot of pressure on local welfare groups," Ms Calnan added.

“The State Government needs to do more to work with landlords and encourage them to rent out their investment homes.”

Image provided by Daniel Brewer.