If your wallet is crying out for help, boy do we have something for you. The latest data from the Real Estate Institute of Victoria (REIV) has revealed you can save hundreds of dollars a week by renting a property in a neighbouring suburb.
REIV President Robyn Waters said the neighbouring suburbs with the largest differential in their rent was Black Rock and Cheltenham.
“Savvy families and singles can save up to $470 a week renting in neighbouring ‘bridesmaid’ suburbs,” Ms Waters said.
“For example, the median weekly rent in exclusive Black Rock is $1000 while you can rent a home for almost half that amount in adjacent Cheltenham at $530.
“The REIV’s data shows that you don’t need to compromise proximity to the city, convenient transport options, access to amenities including shopping centres and strips, parks and health care facilities to stay within your weekly budget.”
REIV rental data for the 12 months to September 2018 reveals that people renting in Toorak, where the median rent is $1100, can save $410 a week by moving to nearby South Yarra, $408 per week if they shift to Prahran or $405 per week by instead renting a home in Hawthorn.
Other adjacent suburbs that have large disparities in their median rents include Parkville and Flemington where the weekly rent is $903 and $520 respectively, Canterbury and Surrey Hills with a $363 gap and Glen Waverley and Notting Hill with rents of $515 compared with $175.
Out west, you can snag a bargain moving from Port Melbourne to either Newport and save $176 per week, or Yarraville and save $174 per week. Williamstown to Altona is another great option, where you can save up to $141 a week.
“At a time when the cost of living is biting many families and we are all looking at ways to save a dollar, renting in a bridesmaid suburb could be a viable option to improve your bottom line,” Ms Waters said.