Money is tight right now so saving on rental payments is high on tenants’ list of priorities.

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As Melbourne’s rental storm shows no signs of subsiding, the top five most affordable suburbs to rent under $500 have been revealed.

According to data supplied by Ray White, Werribee tops the total house listings under $500 for the last 12 months with a total of 729 properties made available to tenants.

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Mantello Real Estate Director Jason Mantello and his wife Connie have watched Werribee transform and become more attractive to renters and prospective investors.

“A lot of the homes in Werribee are brand new, you wont get that if you go further out,” Mr Mantello said.
“There are a lot of subdivisions here – you’re definitely going to get more value for your money if you move out here.

Jason and Connie Mantello. Picture: Supplied

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“My family has been in Werribee since 1932 from when I was a little boy to now the demographic has changed to a very multi cultural one; you just about have every cuisine here.”

Mr Mantello said despite Werribee’s current affordability for renters he didn’t think it was going to last much longer with investors exiting the rental market due to the introduction of new land taxes.

“We’re supposed to cater for almost 1.3m homes before the end of the year to cater for our population growth,” he said.
“On top of that you have investors leaving the property market because they can’t afford to keep their investments which will result in renters being priced out of the area.
“The builders are out there ready to get on the tools and get building these new homes, it’s a double edged sword that we are facing at the moment.

Investor family Michael and Rebecca Grasso, pictured with their children Alessio, 4, and Aleyna, 2, outside their investment property. Picture: Mark Stewart

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Tarneit came in at a close second for house listings under $500 for the last 12 months with a total of 532 properties made available to tenants.

Assistant Property Manager at Reliance Werribee Vipul Gaba said he wasn’t surprised Tarneit was on the list and was attractive to renters due to the large amount of new homes in the area.

“Tarneit is no secret to renters anymore, we have a really strong Indian community out here which is fantastic,” Mr Gaba said.
“All of the home’s out here are move in ready, it is no surprise investors are wanting to buy property in Tarneit.

“There is everything you need our here from shopping centres and public transport.”
Other notable suburbs that made the list were Wyndham Vale with 518 listings, Point Cook with 318 listings and Hoppers Crossing with 392 listings.

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