The closer rental real estate in Melbourne is to a university, the more likely it will attract tenants under the age of 30, according to the Real Estate Institute of Victoria (REIV).
New findings from the institute, which are based on data from the most recent census, reveal that in general, most tenants in Victoria are under the age of 40 - but their demographic can shift considerably depending on where they choose to live.
For example, upscale suburbs close to the Melbourne CBD that have comparatively high property values - such as Port Melbourne, Albert Park and Middle Park - tend to attract tenants with an average age between 35 and 39. By contrast, tenants in the communities of Oakleigh East, Carlton and Parkville, which have a strong student presence, have an average age under 30.
Outer growth suburbs - such as Doreen - also have relatively young tenants, due in part to the lower cost of living in these areas, according to the REIV.
The real estate body says this type of demographic information is particularly important for property investors, as it can help to inform decisions about the type of tenants they may wish to target - and the communities they will find most appealing.
