The national vacancy rate has seen a modest increase in March, but renters are still under extreme pressure according to new data.
According to PropTrack, there was a slight rise in the number of homes available for rent in March, with the national vacancy rate increasing .04 percentage points to 1.11 per cent.
PropTrack Economist, Anne Flaherty, said rental conditions improved slightly in March, however renters should expect little respite given vacancy rates remain close to historic lows in most markets.
“Vacancy across Australia’s combined capital cities was at the second lowest level on record in March, with just 1.08 per cent of rental properties sitting vacant,” Ms Flaherty said.
“Availability was slightly better in the regions, with 1.17 per cent of rentals vacant.”
Sydney’s vacancy rate eased to 1.16 per cent in March, although it remains well down from 12 months ago, while Melbourne also increased slightly to 1.12 per cent.
Perth saw the largest rise of any market in March, with the vacancy rate increasing to 0.86 per cent, however, it still remains the second tightest market in the country.
Brisbane’s vacancy rate remained below 1 per cent in March, though it saw a slight increase over the month.
Canberra and Darwin were the only capital cities to see vacancy worsen over March, with rates dropping to 1.37 per cent and 2.2 per cent respectively.
Adelaide was the hardest city to find a rental in March, recording the lowest vacancy rate of any capital city at 0.83 per cent.
“Adelaide has overtaken Perth to become the most difficult capital city to find a rental property in, with vacancy unchanged over the month,” Ms Flaherty said.
“Adelaide’s vacancy rate has now spent more time at the sub-1 per cent level than any other capital city.”
Ms Flaherty said Australia’s incredibly high levels of immigration were the main cause of the current rental crisis.
“High levels of migration, primarily focused across Australia’s capital cities, has driven increased demand for rentals,” she said.
“Over the past four years, the number of vacant homes has fallen by 58 per cent across the capital cities and by 47 per cent in regional areas.”
