Vacancy Rates Fall Again
There’s no relief in sight for renters as rental vacancy rates fell again during Q3, signalling rent increases aren’t stopping just yet.
According to the latest data from PropTrack, vacancy rates are now close to half the level at the start of the pandemic after falling to 1.43% across the country.
In Sydney, the vacancy rate dropped to 1.65%, while Melbourne’s rental vacancy rate held steady at 1.41% in July after showing signs that they were increasing during the prior period.
Brisbane’s rental vacancy rate was largely unchanged at 1.15% while Adelaide and Perth continue to see the tightest rental market conditions, with vacancy still sitting below 1%.