Vacancy Rate Hits New Low
The national vacancy rate has hit a new record low with predictions that the scarcity of rental properties will drive rents up further.
Data from PropTrack shows that in February the national rental vacancy rate fell to 1.07% and was below 1% in Brisbane, Adelaide and Perth.
Its analysis says the number of rental properties available for rent is now 57% lower than it was at the start of the pandemic.
The high demand means rental properties on average are listed for only 18 days before securing a new tenant.
PropTrack senior economist Angus Moore says the only thing that will ease the rental market is more stock.
“That is a slow process,” he says. “The government has a housing target of 1.2 million new homes in five years, but unfortunately we are not building enough to meet that.”
“Until then, we don’t see relief for renters in the near term, and with the market this tight, it will only result in further price hikes.”
