Melbourne ‘a Landlord’s Market for Rentals’

Melbourne has experienced a slump in vacancy rates for rentals, according to the latest statistics.

The news could affect people hoping to rent property in Rowville and the surrounding areas, with SQM Research claiming that it continues to be a landlord's market.

Figures from the organisation revealed there was a 0.3 per cent drop in available rentals in Melbourne during February, when compared with the previous month.

While this was the lowest rate seen in several months, there was no year on year change – leading SQM Research to deny that it was indicative of an ongoing trend.

Despite vacancies falling, individuals may be encouraged to hear that weekly rents for houses fell by 0.8 per cent last month, in comparison to the same period in 2012.

The data was part of SQM Research's assessment of capital city rental vacancy rates, with national levels remaining largely the same month on month.

Louis Christopher, managing director of the organisation, said there could be change on the horizon, although it is not clear when.

"While there should be a move of renters turning themselves into first home buyers this year, it does not seem to be at this stage a major shift," he explained.