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Rentals Hit Decade Low

Rentals Hit Decade Low

The number of properties within the national rental pool hit a decade low, with just 90,153, rental properties throughout Australia in October.The latest CoreLogic Quarterly Rental Review shows there is a rental shortfall of about 47,500 properties.

CoreLogic Economist, Kaytlin Ezzy, says the number of rental properties is at the lowest levels recorded since 2012. Although the number of properties in the rental pool has reduced, and vacancy rates hit record lows in September, the pace of weekly rental growth dropped in the September quarter.

Nationally rental values rose 1.6%, compared with 2.2% the previous quarter. Ezzy says worsening affordability continues to be a significant factor placing downward pressure on the pace of rental growth. “After recording a small dip over the first few months of COVID, national rents have risen for 38 consecutive months, taking rental values 30.4% higher

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