Property Management Market Review - February

04 March 2026

Our Property Management team has compiled February’s rental insights across key Melbourne and Bayside markets, highlighting where demand is strongest, stock is tightest, and rents are holding firm. From off-market success to tight vacancy rates, these insights reflect the key factors driving renter competition and rental performance right now.

Boroondara

February was steady, with a good mix of leasing activity across the region. We secured several off-market results, reflecting strong renter engagement and the advantage of matching qualified renters early. Demand held across a broad price range, from one-bedroom apartments leasing from $495 per week through to larger family homes achieving up to $2,000 per week. Well-presented properties in connected pockets continued to attract strong enquiries, with renters prioritising quality, practical layouts and proximity to transport and everyday amenities. Overall, leasing conditions remained competitive, particularly for homes offering excellent presentation and immediate liveability.

Feature property: 58 Roseneath Street, Clifton Hill, leased off-market for $950 per week after one inspection, no vacancy period – 2 bedrooms, one bathroom, one car space.

Stonnington

Stonnington remains highly competitive, with vacancy rates still extremely tight at around 1–1.6% and strong conditions for rental providers. Ongoing regulatory changes, including higher land tax and stricter minimum standards, continue to weigh on investor sentiment and reduce rental supply in premium pockets. Renter demand is strongest for well-appointed homes near transport, lifestyle precincts and key amenities, keeping leasing timeframes compressed. Prahran has recorded solid annual rental growth of around 6%+ across houses and units, while Toorak rents remain among Melbourne’s highest, supported by premium stock.

Feature property: 31 John Street, Malvern East, leased for $2000 per week with 4 bedrooms, 2 bathrooms, 3 car spaces.

Bayside

Bayside continued to perform strongly throughout February, with premium homes, particularly in Brighton, delivering standout results. Demand remains consistent from high-quality renters across a broad range of property types, from smaller residences through to larger family homes. Well-presented properties in desirable locations are leasing quickly, supported by limited choice and renters acting decisively when a home meets the brief. Competition is strongest for homes offering quality finishes, good natural light and practical layouts suited to modern living, reinforcing confident conditions across the local rental market.

Feature property: 388 Beach Road, Beaumaris, leased for $2300 per week for the first year and $2400 weekly for the second year on a 24-month lease.

Port Phillip

Port Phillip has started 2026 with strong momentum, driven by high demand for quality family homes and well-located apartments. Stock levels remain limited, which is increasing urgency among prospective renters and supporting strong weekly rents, particularly for premium properties. Our database of qualified renters remains active and highly engaged, with a significant concentration of demand in the $1,200 to $2,500+ per week range. Well- priced, well-presented homes are attracting strong enquiries and applications early in the campaign, with renters prioritising lifestyle, proximity and security.

Feature property: 6 Crimea Street, St Kilda, offering 4 bedrooms, 2 bathrooms, 2 car spaces.

Mornington Peninsula

The Mornington Peninsula rental market stayed tight in February, with limited supply across highly sought-after locations including Frankston South, Mount Eliza, Mornington and Mount Martha. Enquiry levels remain strong, and demand continues to outweigh available stock, resulting in a robust market with multiple applications and shorter days on market for well-presented homes. Renters are moving quickly when properties offer the right combination of location, condition and functionality, particularly for family-friendly homes close to schools, village amenities and the coastline. Overall conditions remain competitive across quality listings.

Feature property: 33 Sunset Crescent, Mount Eliza, leased for $1550 per week – 5 bedrooms, 3 bathrooms, 3 car spaces.

Manningham

Manningham has been steady since the summer break, with consistent enquiries and reliable leasing activity across the month. While conditions have been more balanced than some inner premium markets, well-presented properties in good locations continue to attract strong interest and secure solid results. Renters remain value-conscious, responding best to homes that are clean, well-maintained and priced in line with current expectations. Campaign performance is strongest where presentation and marketing are aligned from day one, helping to keep timeframes efficient and minimise vacancy risk across the area.

Feature property: 5/3 Leslie Street, Donvale, leased for $600 per week after one open for inspection - 2 bedrooms, 1 bathroom, 1 car space.

Projects

The Projects team remained very busy in February, with demand for high-quality apartments continuing to track strongly. Average time on market is holding at approximately 7–10 days, reflecting limited stock and renters acting quickly on well-located, well-finished offerings. Current averages sit around $550 per week for one-bedroom apartments and $800 per week for two-bedroom apartments. With the ongoing shortage of quality apartment stock, we expect competitive conditions to persist, particularly for buildings with strong amenities, security, parking and layouts that suit both owner-occupiers and professional renters.

Feature property: 6/1795 Malvern Road, Glen Iris, leased for $1500, offering 3 bedrooms, 2.5 bathrooms, 2 car spaces.

Considering leasing or changing property managers? Speak with our Property Management team for local expertise on pricing, presentation and leasing strategy.