Renting in Preston Melbourne — 2026 Guide

Renting in Preston — The Real Story

Looking to rent in Preston? Here’s what you’re dealing with — the market conditions, the types of properties available, and the stuff agents won’t tell you.

See our full Preston Cost of Living guide for the broader picture.

The Rental Market Right Now

Melbourne’s rental market is competitive, and Preston reflects that. Good properties attract multiple applications, open inspections draw crowds, and you need to act fast.

Preston has a steady flow of rental stock across different price tiers. Three train stations — Preston, Bell, and Regent on the Mernda line — mean demand stays high, especially within walking distance of stations.

Current Prices (Early 2026)

Prices vary 15-20% within Preston depending on proximity to High Street, the station, and Preston Market.

Types of Rentals Available

Studios and One-Bedders — Available in purpose-built apartment blocks and converted older buildings. Location within Preston matters more than the apartment itself.

Two-Bedroom Apartments — Most in-demand category. Suits couples and professionals. Competition is highest here.

Three-Bedroom Houses/Townhouses — Less common. Families and share houses compete for these. The backyard premium is real.

Share Houses — Active share house scene. More affordable, social, and a practical way to live in a suburb you couldn’t afford alone.

How to Actually Get a Rental in Preston

1. Have your application ready before inspecting — Reference letters, payslips, ID, rental history. Pre-fill the Ignite or 2Apply forms.
2. Apply on the day of inspection — Same-day applications show you’re serious.
3. Be realistic about your budget — Search below your maximum. Room for rent increases.
4. Look beyond the main portals — Walk the streets. Community noticeboards and local Facebook groups catch listings the apps miss.
5. Be flexible on move-in dates — Offering to start sooner gives you an edge.
6. Write a personal note — A brief explanation of who you are and why you want the property genuinely helps. Agents read them.

What to Watch Out For

• Damp and ventilation — Some older Preston properties have moisture issues. Check bathroom fans, window seals, musty smells.
• Street noise — High Street and Bell Street properties are convenient but loud. Inspect at different times.
• Parking — If your rental doesn’t include parking, understand the street parking situation. Some streets require City of Darebin permits.
• Internet — Check NBN availability and connection type for your specific address.

FAQ

How much is a one-bedroom apartment in Preston? $336-440/week depending on condition and proximity to the station or High Street.

Is renting in Preston cheaper than Northcote? Yes. Expect roughly 15-20% less for comparable properties. Preston’s slightly longer commute (still only 25 minutes by train) is the trade-off.

Where’s the best area to rent in Preston? Within walking distance of Preston station and High Street for convenience. The streets near Murray Road and Preston Market for lifestyle. Further from Bell Street for quiet.

The Verdict

Renting in Preston is worth it if you value what the suburb offers — three train stations, Preston Market, the High Street food scene, and genuine community. You’ll pay a premium compared to Reservoir to the north, but you’re buying convenience and quality of life that justifies the difference. A smaller, well-located apartment near the station may serve you better than a bigger place further out.

More on Preston: Preston Suburb Guide · Preston Cost of Living · Preston for Young Professionals

Explore More of Preston

• Preston History
• Preston Things To Do This Weekend
• Preston Cheap Eats
• Preston Date Night Guide
• Preston New Openings
• Preston Things To Do
• Preston Cost of Living
• Preston Young Professionals Guide

Nearby Suburbs Worth Checking

• Reservoir Suburb Guide
• Thornbury Suburb Guide
• Coburg Suburb Guide
• Pascoe Vale Suburb Guide