Bendigo's rental vacancy rate is well below the state and regional average, according to recent data from the Real Estate Institute of Victoria.
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Bendigo boasts a 1.1 per cent rental vacancy rate, which is down 0.2 per cent compared to the same time last year.
A decrease in rental vacancy rate means less properties are without a tenant.
PH Property director Brad Hinton said there is a shortage of rental properties and over supply of people wanting to rent.
"There are a lot of investors starting to buy investment property, certainly compared to 12 to 18 months ago, so I would have thought rental demand might have eased a bit at this point," Mr Hinton said.
"An influx of people moving to Bendigo, knowing they can work from home, to be closer to family might have something to do with it."
In regional Victoria, the average rental vacancy rate is 1.8 per cent, which is up 0.5 per cent compared to last year.
Of 11 regional areas, Bendigo's rental vacancy rate is the joint lowest, alongside Mildura and Mallee and Wodonga and Ovens-Murray.
Bendigo Real Estate principal Nekti Tzouroutis said his agency's rental vacancy rate is just 0.23 per cent.
"We are finding quality stock coming in receives plenty of applications," Mr Tzouroutis said.
"It is just unfortunate only one applicant can be successful."
With regional Victoria entering stage three restrictions from Thursday, Mr Hinton said PH Property is poised to transition back to appointment-based inspections.
"We expect one-on-one, private inspections and video inspections to return once again," Mr Hinton said.
In the past 12 months, the cost of a one bedroom house rental in Bendigo has risen $5 to $280, while the cost of a four bedroom rental has dipped $10 to $390.
On average, the price of a house rental in Bendigo has reduced by $10 to $320. The regional Victorian average rental house price is $350.
Mr Tzouroutis said a reduction in the natural movement between regions due to the COVID-19 pandemic could mean more tenants are staying put.
"I'm very confident the current rental market offers a great opportunity for people wanting to invest in our town," he said.
"There are plenty of good quality tenants looking for good homes to move into."
