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Rental Vacancies Filled In Record Time

The number of days a rental property sits on before being leased has fallen to a historic low.

The listing platform’s data arm, PropTrack, has released its residential rental figures from the first quarter of 2022, revealing that properties are being advertised for fewer than three weeks before being rented, with the average falling from 24 days in January to 19 in March.

Out of all of the capital cities and state regions, Sydney (22 days) and Melbourne (23 days) are the only areas where listings spend longer than three weeks before being let.

Houses are still proving popular, with many people in search of greater space. National house rents were 4.3% higher over the quarter, while unit rental growth was 2.4%.

Rental yields, however, have tightened more for houses than multi-home complexes. The median rental yield for houses has fallen over the year from 4.1% to 3.6%, while unit yields experienced far less of a drop, now sitting at 4.1%, down from 4.3% a year ago.

The lowest yields of March 2022 were in Sydney (3.2%), Melbourne (3.5%) and Regional Victoria (4.1%). The highest yields were in Regional WA, regional SA and Darwin, all above 6%.


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