Bendigo real estate agents say the over-supply is most keenly felt in the "northern corridor" suburbs.

Statistics from real estate analysis firm RP Data support agents' observations, with figures showing the asking rent price has fallen in Epsom, Kangaroo Flat, East Bendigo, White Hills and California Gully. 

Commentator Robert La Rocca said the analysis found market conditions had swung in renters' favour in the last 12 months. 

"In the vast majority of suburbs landlords have not been able to increase their asking rent because there is sufficient supply of rental homes on the market. The only places where that is not the case is North Bendigo, Long Gully and to a smaller degree Spring Gully," Mr La Rocca said. 

"And remarkably in five suburbs asking rents have fallen," he said.

"Landlords have to take this into account when setting the rent and when negotiating changes in rent with current tenants."

Luke Goggin Real Estate director Luke Goggin said it was not as easy for landlords to rent their property as it had been in the past. 

"Two years ago, there were 500 properties available and 600 tenants looking. People would have had to wait to find a property, now they have got more than ample choice," he said.

He said some Epsom properties that were once $360 a week were now fetching only $290. 

Mr Goggin said the over-supply was because of the fast residential development in the area and investors from out of town and inter-state who had bought into the market. 

"Now everybody’s got these properties sitting there," he said.

He said the current situation was difficult for landlords who were making a loss on their investment property but renters were "having a ball" with the low prices. 

But Mr Goggin said the situation was not so dire that it couldn't regain momentum but that investments were "effectively standing still until that time". 

He also said the hospital project had not brought with it the tenant numbers real estate agents had expected. 

He said many employees working on the new hospital construction were brought into Bendigo by bus from Melbourne and lived in short term accommodation. 

"There’s not the long term. We thought we’d get 750 people looking to rent," Mr Goggin said.

Despite the over-supply of rental properties he said it was nothing to be too concerned about. 

PRD Nationwide director Tom Isaacs said the saturation of the market was likely to mend as the weather improved. 

"We're starting to see a lot more activity from potential tenants," Mr Isaacs said.

Ray White director Rory Sommerville said developers had enticed investors outside Bendigo to buy in the northern corridor suburbs because they were areas experiencing growth. 

Mr Sommerville said builders were selling homes with a guarantee of a certain rental return on newly built homes and then finding that the $350 they promised was more like $320.