‘Hunger Games situation’: Rental vacancies at record lows as tenants do it tough

Written by: Melissa Heagney

Tenants are facing tough competition for a rental across the country, with Australia’s vacancy rate remaining at an all-time low in April, new data shows, as rents rise at the same time.

The national vacancy rate remained at 1 per cent after reaching the record low in March, Domain’s latest Rental Vacancy Report revealed.

It is down by almost a percentage point since April last year, when tenants were kept out of the Australian rental market due to COVID-19 border closures.

But property managers, including those in Sydney and Melbourne, say the market has changed from “night to day” this year, as demand is added from international students returning to school and local workers returning to the office.

Sydney recorded its lowest ever vacancy rate of 1.4 per cent, down by almost half since April last year, while Melbourne’s beleaguered rental market also showed further signs of improvement with the rate falling to 1.7 per cent, down from a massive 4 per over the same time period.

Other capitals saw vacancy rates rise marginally or remain steady in April, still proving incredibly difficult for prospective tenants.

Adelaide’s 0.3 per cent was the tightest vacancy rate in the country, while Hobart’s 0.4 per cent and Darwin’s 0.5 per cent were also tight. Perth sat at 0.6 per cent and Brisbane and Canberra recorded a 0.7 per cent vacancy rate over the month.

https://www.domain.com.au/news/hunger-games-situation-rental-vacancies-at-record-lows-as-tenants-do-it-tough-2-1135945/