FAQs: Rental Data
What is a median rent?
How do you gather your rental data?
Why can't I find the median rent for my suburb?
Which regions are ‘inner’, ‘middle’ and ‘outer’ Melbourne?
Which areas are included in ‘metropolitan Melbourne’?
Property classification for medians
What is a median rent?
Similarly to median prices, the median rent is the middle price in a series of leases. For example, if 15 leases are recorded in a suburb and arranged in order from the lowest to the highest value, the eighth sale price is the median rent. In the case where there is an even number of leases in a series, the median is the average of the middle two leases. Unless otherwise specified, the REIV expresses median rents as a ‘weekly’ rent.
How do you gather your rental data?
The REIV gathers rental data electronically from agents submitting their rental listings and results through realestateview.com.au. The rental data submitted includes residential, commercial, industrial, and rural lease results from across the state.
Why can't I find the median rent for my suburb?
All our data is checked for accuracy and volatility. In some suburbs, there may be too few leases to publish a meaningful median rent. For some of these cases, the REIV combines similar suburbs together to provide a collective median rent for this region.
Which regions are ‘inner’, ‘middle’ and ‘outer’ Melbourne?
For the purposes of our analysis we define:
- ‘inner’ as being within 10km of the CBD;
- ‘middle’ as being between 10km and 20km from the CBD; and
- ‘outer’ as being more than 20km from the CBD.
Click here for a full listing of suburbs within these regions.
Which areas are included in ‘metropolitan Melbourne’?
For the purpose of our analysis we define ‘metropolitan Melbourne’ as those suburbs contained within the following 31 municipalities:
- Banyule
- Bayside
- Boroondara
- Brimbank
- Cardinia
- Casey
- Darebin
- Frankston
- Glen Eira
- Greater Dandenong
- Hobsons Bay
- Hume
- Kingston
- Knox
- Manningham
- Maribyrnong
- Maroondah
- Merri-bek
- Melbourne
- Melton
- Monash
- Moonee Valley
- Mornington Peninsula
- Nillumbik
- Port Phillip
- Stonnington
- Whitehorse
- Whittlesea
- Wyndham
- Yarra
- Yarra Ranges
Property classification for medians
The REIV provides median rent in two categories: houses and units/apartments. This requires that choices are made regarding dwelling types and the categories into which they belong, as there is considerable variety in styles and designs.
Property that falls under the ‘house’ classification includes:
- detached houses
- terraced houses
- semi-detached houses
- holiday houses
- duplexes
- house and granny flat
Property that falls under the ‘units & apartments’ classification includes:
- flats
- units
- apartments
- townhouses
- villas
- bed-sitters
- residential warehouse conversions
Interested in understanding the source of our data?
Learn about our research.
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