Vacant Home Numbers Rise
The number of vacant rental properties available increased during April, although the change was so marginal it is unlikely to help those struggling to find somewhere to rent.
The PropTrack Rental Vacancy Rates report for April 2024, shows the national vacancy rate increased by just 0.09%, to reach 1.21%.
PropTrack economist, Anne Flaherty, says despite the change vacancy rates remain at less than half the level that is considered a healthy rate.
“With vacant properties scarce, homes that do come up for rent are continuing to see high levels of competition, which is driving rent prices higher,” she says.
Vacancy rates increased in Perth and Canberra (by 0.18%), Hobart (0.16%) and Sydney (0.14%). Melbourne was up by 0.09%, Brisbane was up by just 0.03%, and Adelaide, by 0.13%.
“The situation for renters is similar across both capital city and regional areas, with each seeing vacancy at 1.2% in April,” Flaherty says.
“Compared to 12 months ago, regional areas have seen the greatest deterioration in rental conditions, with vacancies down 0.25 percentage points compared to a 0.15-percentage-point drop in the cities.”
