Rent Prices in Southbank 2026

Southbank’s rental market is exclusively apartments. Prices vary significantly by building age, floor level, view, and amenities.

Current Median Rents

Property Type	Weekly Rent	Notes
Studio	$380-500	Older builds, smaller floorplans (35-45sqm)
1-bed apartment	$550-750	View and building quality drive the range
2-bed apartment	$750-900+	River/CBD views push past $900
3-bed apartment	$1,100+	Rare in Southbank, premium pricing

What Drives Price Differences

Building age: 1990s-era towers are cheaper but may have maintenance issues. Post-2010 buildings command premiums for better insulation, design, and amenities.

Floor level: The difference between floor 5 and floor 50 can be $100-200/week. Higher floors get better views and less noise but more wind.

View: River views and CBD-facing apartments cost more. Apartments facing other towers or City Road are priced lower.

Amenities: Buildings with pools, gyms, and concierge charge higher rents (and higher body corporate for owners). This gets passed to renters.

How Southbank Compares

Southbank rents are comparable to the CBD and slightly above South Melbourne. For the same money in the inner north — Fitzroy, Collingwood — you’d get more character and community but less river views and walkability.

FAQ

Are rents going up in Southbank? Modest increases in line with Melbourne’s broader rental market. The high volume of apartment stock keeps Southbank from extreme spikes.

What’s the cheapest apartment in Southbank? Studios in older buildings start around $380/week. These are typically 35-40sqm with limited natural light.

Is it cheaper to rent on Kavanagh Street or Southbank Boulevard? Kavanagh Street tends to be slightly cheaper — further from the Promenade tourist strip, quieter character. Southbank Boulevard has newer buildings with better amenities.

The Verdict

Southbank’s rental market offers range — from $380 studios for budget-conscious singles to $900+ two-bedders with river views. The stock is plentiful, which keeps competition manageable. The key is matching your priorities (view, quiet, amenities) to the right building on the right street. Check our full rent guide for what to watch out for before signing.

More on Southbank: Southbank Cost of Living · Southbank Rent Guide · Southbank Property Market