New figures have revealed locals are paying slightly more than they were a year ago to rent a home in Ballarat.
The data, released by the Real Estate Institute of Victoria last week, shows that an average week of rent in Ballarat has increased by $13 a week, to cost $333 a week for a house in October this year.
That figure however is down from $340 seen in September 2019, and comes off the back of a vacancy rate of 1.6 per cent in regional Victoria last month.
REIV President Leah Calnan says a lack of available housing is to blame for the higher prices.
“There is an urgent need for more rental accommodation across Victoria.” Ms Calnan said.
“Healthy vacancy rates should be around 4%; most of the state is sitting at 1 or 2%, increasing demand has led to rental price climbing.”
“With competition for housing at a high, many families are struggling to put a roof over their heads, which puts a lot of pressure on local welfare groups," Ms Calnan added.
“The State Government needs to do more to work with landlords and encourage them to rent out their investment homes.”