There are places to rent in Mount Waverley and nearby suburbs. I may be getting a job in that area soon, and we are considering moving closer to it.
The problem is the amount of competition when going for a rental, the vacancy rate is very low in Melbourne right now. Last year when I looked at a few places in the Mount Waverley area (close to Syndal station) there were at least 10 other groups of people looking (so probably about 20-30 people altogether at an "open for inspection").
Home Hound is good to get an idea - though to seriously look you need to go round estate agents and pick up their rental lists on a weekly basis until you find somewhere!
