Data released by the Australian Bureau of Statistics (ABS) found that nationwide, many local government areas reported a dramatic rise in rent compared to 2011.
In Victoria, the Melbourne region currently boasts the highest weekly median rent at $400, while nearby Bayside is settled at $390.
Figures from the Real Estate Institute of Victoria recorded a much higher median rent in Melbourne over March than regional Victorian suburbs, indicating that the metropolitan market should be the first place to direct property searches.
Over the years of 2006 to 2011, the Moreland region saw property rents rise by 56.6 per cent, or $112, demonstrating huge growth in a matter of a few years.
Commenting on the release of the statistics, ABS Director of Rural and Regional Statistics Lisa Conolly said that rental costs have risen more than mortgage payments over the years between 2006 and 2011. This suggests that buying a home may in fact be a cheaper option than renting a property.
"Nationally, rental costs increased by more than mortgage repayments with the median weekly household rent rising from $191 in 2006 to $285 in 2011 – an increase of 49 per cent. Whereas mortgage repayments have increased 39 per cent during this time," Ms Conolly said.