Apartments are becoming a very popular choice for renters in Melbourne as median rents and housing stock continue to rise.
This might signal a solid investment choice for buyers of property in Brunswick, as demand for apartments will lead to improved rental vacancy rates.
Figures from the Real Estate Institute of Victoria (REIV) showed weekly median rents for mid-sized apartments increased by 1.3 per cent to $390 over the first quarter of 2014.
At the same time, rents for one-bedroom apartments rose by 2.7 per cent to $340 per week, showing that these smaller dwelling types are becoming a sought after option for many renters in Melbourne.
"It appears that this 'state-of-the-art' style of living is appealing to, and drawing tenants across Melbourne," said REIV Chief Executive Enzo Raimondo in an April 16 release.
Apartments and units are a great investment choice for owners who want a low maintenance investment. As they're smaller and usually don't have lawns and gardens to look after, they're an easy addition to make to any investment portfolio.
These kinds of dwellings are usually located in great areas close to amenities such as transport, employment hubs and shops – features that many renters often keep an eye out for when looking for rentable accommodation.