Our May Rental Market Review

30 May 2025

May continued to show strong renter demand across Marshall White’s core leasing areas, boosted by the recent rate cut and seasonal transitions. Activity lifted mid-month in most regions, with standout results for well-presented homes, especially larger properties and those priced accurately. Below, our Property Management team shares market observations and key results from May.

Stonnington

After a quieter April, May brought a return to stronger leasing activity, particularly for family homes reintroduced to the market by owners renovating or downsizing. With new listings still limited, demand held firm and well-located 2–3-bedroom homes in the $800–$950 range leased quickly. Vacancy levels remain consistently low.

Feature Property: 11 Tivoli Road, South Yarra 4 bed | 3 bath | 2 car Leased for $2,200 per week (fully furnished

Boroondara

Boroondara experienced healthy leasing activity throughout May, with particularly strong demand for well-presented 3-bedroom homes and townhouses. These properties are attracting multiple applications and often leasing after just one inspection, highlighted by this month’s standout result. Well-maintained homes in sought-after school zones continue to lead the market.

Feature Property: 4A Condor Street, Hawthorn East 3 bed | 2 bath | 2 car Leased for $1,200 per week

Balwyn

Our office noticed increased leasing activity this month across Hawthorn, Kew, Box Hill, and surrounding inner-city suburbs. Properties priced between $750 and $850 per week leased swiftly, while well-presented properties under $500 attracted strong interest from value-driven renters. High-end homes that are well-maintained and thoughtfully styled also continue to perform well in this market.

Feature Property: 9 Cypress Way, Kew 4 bed | 3 bath | 2 car Leased for $1,455 per week

Manningham

The $1,000 to $1,300 per week segment showed consistent leasing performance, driven by demand for larger family-friendly homes. Affordable homes under $650 were also in high demand, with many leasing quickly due to limited availability and strong renter interest.

Feature Property: 3 Era Court, Donvale 4 bed | 3 bath | 2 car Leased for $1,250 per week (leased in 7 days)

Mornington Peninsula

May saw continued demand for rentals on the Peninsula. Executive home activity softened slightly with extended days on the market and more price-sensitive family renters. However, smaller homes under $1,000 per week in amenity-rich pockets continue to attract strong interest.

Feature Property: 12 Alexander Parade, McCrae 4 bed | 3 bath | 2 car Leased for $1,000 per week

Port Phillip

May rebounded strongly after a slower April. Enquiry levels were high and applications followed swiftly after opens. Relocation agent activity increased this month, with interstate and overseas renters seeking larger homes and lifestyle upgrades. We also saw interest from local renters making a “sea change” from inner Melbourne suburbs.

Feature Property: 9/105 Beach Street, Port Melbourne 3 bed | 2 bath | 2 car Leased for $1,380 per week

Bayside

Leasing activity started the month on a softer note but picked up considerably following the May 20 interest rate cut. There was a noticeable increase in both inspection numbers and applications, particularly for well-located family homes. The market responded with confidence, reinforcing the ongoing strength of demand in key segments.

Feature Property: 201/24–26 Grenville Street, Hampton 4 bed | 3 bath | 2 car Leased for $1,500 per week

Projects

While conditions were a little quieter this month, activity remained steady for well-priced properties. We observed some renters negotiating below the asking rent, particularly on higher-end listings. However, one-bedroom apartments under $420 per week continued to perform well, attracting strong interest.

Feature Property: G04/487 Whitehorse Road, Balwyn 1 bed | 1 bath | 1 car

As we move into winter, accurate pricing and strong presentation remain key to securing quality renters.

If you are considering leasing your property or would like tailored advice on maximising your rental return, contact our experienced Property Management team today.