Macedon renters are experiencing some of the least rental pain in Victoria, according to new data from Suburbtrends.
Suburbtrends releases a monthly Rental Pain Index (RPI) which scores suburb groups out of a hundred on rental pain, the score is derived from measuring rental prices, household incomes, vacancy rates and advertised rentals.
The suburb of Macedon received the lowest RPI score of 3.03, while the Riddells Creek suburb received 83.78, which was the highest in the Macedon Ranges. Anything over 75 is considered “extreme” rental pain.
Meanwhile closer to Melbourne, south Sunbury scored 79.74, west Sunbury scored 79.70, and Sunbury scored 69.01.
Suburbtrends founder Kent Lardner said this month’s RPI highlights a concerning trend within the Melbourne market, signaling growing distress rather than improvement.
“Historically, Melbourne has offered relatively favorable living conditions compared to income levels,” he said.
“Yet, it’s troubling to observe that a considerable number of suburbs and their residents are now dedicating over 30 per cent of their household income towards rent.”
Throughout Melbourne’s north-west, the RPI has surged, spotlighting suburbs where residents face “extreme pain“ due to escalating rental costs.
Mr Lardner said this trend forewarns that a vast majority of Melbourne’s renters are on the brink of crossing this critical threshold within the year.
“Surpassing the 30 per cent mark, particularly amidst rising living costs, significantly curtails disposable income, impacting the very lifestyle amenities that define Melbourne’s charm.“
Other suburbs in the Macedon Ranges fared better than Riddells Creek, with Gisborne receiving the second highest RPI of 56.66 in the municipality.
Diggers Rest received a RPI of 42.13, while Romsey scored 18.18.
Amidst this latest date, Mr Lardner has urged policymakers to adopt innovative strategies in response to the Index’s findings.
“As we step into 2024, the RPI not only highlights the severe challenges faced by renters across Australia but also serves as a call to action for out of-the-box thinking from our policymakers,” he said.
