Spring brought renewed activity to Melbourne’s rental market in September, with longer days and improving weather supporting stronger enquiry across a number of regions. At the same time, increased choice in some pockets is seeing renters take a more considered approach to both price and property selection. For rental providers, the month reinforced the value of accurate pricing, strong presentation and a well-planned leasing strategy, while tightly held markets continued to reward quality homes with strong results.
Property ManagementProperty Management Market Review - September 2026
Next ArticleProperty Management Market Review - September 2026
12 October 2026
Stonnington
September was a positive month across Stonnington, with consistent renter demand throughout Toorak, Armadale, South Yarra, Prahran, Malvern and surrounding suburbs. An increase in available rental stock, together with the usual easing of activity during the school holiday period, gave renters greater choice; however, well-presented homes positioned correctly from the outset continued to attract strong enquiry and quality applications. Family homes and premium executive properties remained particularly sought after, with location, presentation and lifestyle continuing to influence renter decisions. As the market moves further into spring, a considered pricing strategy will remain important in creating early campaign momentum.
Feature property: 28 Renwick Street, Glen Iris, leased for $2,200 per week.
Boroondara
Boroondara recorded a strong month of new business leasing activity in September, with more than 20 properties expected to lease across a broad range from $550 to $3,300 per week. Demand remained strongest for well-located homes at the more accessible end of the market, while renters considering premium properties continued to be highly discerning on value. With greater price sensitivity influencing campaign timeframes at the upper end, realistic positioning is proving an important differentiator. Strong results are still being achieved where the property, price and presentation align, highlighted by an off-market Hawthorn lease secured after just one inspection.
Feature property: 16 Henrietta Street, Hawthorn, leased off market after one inspection for $3,300 per week.
Bayside
Bayside remained relatively stable through September, with days on market holding steady across most property types. While well-presented homes with considered pricing continued to lease, renter demand has eased slightly from the exceptionally competitive conditions seen over the past 12 to 18 months. In this more balanced environment, established relationships and referral networks are playing an increasingly valuable role in connecting quality properties with the right renters. Collaboration across our client network, relocation partners and Marshall White offices continues to support strong leasing outcomes, including opportunities secured before reaching the wider market.
Feature property: 15 Peacock Street, Brighton, leased off market for $1,900 per week.
Port Phillip
Spring conditions brought a noticeable lift in enquiry and inspection attendance across the City of Port Phillip during September. While more prospective renters are actively looking, they are also approaching rental decisions carefully and remaining conscious of their budgets. This has led to an increase in offers below the advertised rental and, in some cases, a longer negotiation period before a lease is secured. Properties that are well presented and positioned in line with current market expectations continue to perform well, reinforcing the importance of responding to renter feedback and market conditions throughout a campaign.
Feature property: 293 Richardson Street, Middle Park, leased for $2,200 per week.
Mornington Peninsula
The Mornington Peninsula entered spring with limited new rental stock from Frankston South through to Portsea, as many property owners prepare to enjoy their Peninsula homes themselves over the spring and summer period. With demand continuing to outweigh available supply, the rental market has retained its strength across pricing, enquiry levels and campaign timeframes. The beginning of the Peninsula’s peak season has also brought increased activity to the region, supported by warmer weather, events and the lifestyle attractions that continue to draw people to the area. For quality rental homes coming to market, these conditions are supporting healthy renter interest.
Feature property: 82A Venice Street, Mornington, leased for $1,400 per week, offering four bedrooms, three bathrooms and two car spaces.
Projects
The market for brand-new apartments and developments remained more measured through September, with renters taking additional time to assess value and compare available options. Price sensitivity continues to influence enquiry and campaign momentum, making the way a property is represented and positioned particularly important. In the current environment, a considered pricing strategy, quality presentation and targeted marketing are key to creating cut-through and converting interest into a successful lease. While decision-making may be slower, the right approach can help a property stand apart in a market where renters are carefully weighing their choices.
Feature property: 303/37 Gladstone Avenue, Armadale, leased for $1,995 per week.
September’s results demonstrate that Melbourne’s rental market is not moving at one speed. Tight supply continues to support strong conditions in some areas, while increased choice elsewhere is giving renters more room to compare price and value. For rental providers, understanding these local differences and responding early to market feedback can make a meaningful difference to campaign performance. Our Property Management team combines local market knowledge with considered pricing, presentation and leasing strategies to help position each property for the strongest possible outcome.
