RESIDENTIAL RENTAL Melbourne: Snapshot of Typical Asking Rents (approx) MARKET TRENDS MELBOURNE INNER MELBOURNE MIDDLE MELBOURNE OUTER Typical length of tenancy 12 months (Shorter-term leases can be dif昀椀cult; 12+ months preferred) Locations Suburbs within 10km of the CBD Suburbs between 10-20km Suburbs more than 20km from the CBD from the CBD Notice period 2 months Indicate Indicate Indicate if rental if rental if rental Typical deposit Rent From Rent To price is up, Rent From Rent To price is up, Rent From "Rent To price is up, 1 month deposit paid as a bond. down or down or down or Property Pro昀椀le (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ Sometimes, may include a Month) Month) unchanged Month) Month) unchanged Month) Month) unchanged 1 month rent paid in advance. from from from previous previous previous Unique situations quarter quarter quarter • Standard procedure in AU is to 1 Bed Apt/ make the bond and advance Townhouse/ 2023-Q4 1,804 2,303 1,413 1,956 1,304 1,760 rental payments within 24-48 hrs Unit of approval in order to secure properties (very fast-paced and 2 Bed Apt/ requires prompt approvals). 1,673 1,999 Townhouse/ 2023-Q4 2,477 3,173 1,956 2,521 Unit • Negotiation on terms is limited, 2 Bed House 2023-Q4 2,651 3,259 2,034 2,608 1,739 2,043 particularly with the increase in demand for properties in the last 3 Bed House 2023-Q4 3,259 4,563 — 2,390 3,259 1,869 2,260 12 months. Offering below the asking price will lead to losing a Vacancy Rates 2023-Q4 2.3% property. Data Source: Real Estate Institute of Australia (REIA) Real Estate Market Facts