Finding affordable rent has become much more difficult as the national rental vacancy rate falls to a record low.
The vacancy rate stands at just 1.02 per cent after falling slightly in October, with most major capitals following the trend according to PropTrack’s Market Insight report.
Renters face increased competition for housing with vacancy rates falling in the capital and regional areas, said PropTrack economist Anne Flaherty.
“Tenants faced even tougher conditions in October, with the proportion of rental properties remaining vacant falling to its lowest level on record,” she said.
Job vacancies in Sydney fell to a record low of 1.11 per cent, more than 60 per cent lower than in March 2020.
The number of available properties in Melbourne has halved compared to the start of the COVID-19 pandemic.
The rental vacancy rate is at an all-time high in Queensland, with options available in Brisbane sitting at less than 1 per cent.
Proportion of vacant rental properties in Australia has fallen to lowest level on record
It’s even harder to find rentals in the west as Perth’s vacancy rate has remained below 1 per cent for 15 consecutive months, sitting at 0.7 per cent in October.
Hobart recorded the biggest drop with 0.18 per cent fewer rental options, but remains the second easiest city to find a rental.
Adelaide was one of two capital cities to buck the trend with a slight increase, but retained the lowest vacancy rate in the country.
Darwin’s vacancy rate jumped from 0.68 per cent to almost 2.5 per cent.
Regional areas within each state were in line with their capital cities when it came to changes in rental vacancies, with South Australia and the Northern Territory the only regions to see a slight increase in rental availability.
Flaherty said vacancy rates have been on a downward trend for more than three years and there is no end in sight.
She said this trend is “expected to continue” due to strong population growth and a slowdown in the supply of new housing.