Finding an affordable rental has become a lot harder as the national rental vacancy rate plummets to a record low. The vacancy rate sits at just 1.02 per cent after falling slightly in October, with most major capital cities following the trend according to PropTrack’s Market Insight Report. Renters across the board faced more competition for housing, with vacancies down in both capital city and regional areas, PropTrack economist Anne Flaherty said.
The rental vacancy rate is at a record low in Queensland, with available options in Brisbane sitting at less than 1 per cent. It’s even tougher to find rentals in the west as Perth’s vacancy rate has remained below 1 per cent for 15 consecutive months, coming in at 0.7 per cent in October. Hobart recorded the sharpest decline with 0.18 per cent fewer rental options, but remained the second-easiest city to find a rental.
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