New National Rental Supply Plunges Almost 19pc

The supply of rental accommodation hit record lows last month, according to the latest data.

According to Proptrack, while new rental listings typically decline in April compared to March, the 18.9 per cent month-on-month fall last month was the greatest drop since 2017.

And according to the data, there is a growing divergence in new rental supply between the large capital cities and regional areas.

Capital city new rental listings were 7.4 per cent lower year-on-year in April 2023, while in regional areas they were 15.8 per cent higher.

“Given the fall in new rental listings for the month, total rental listings were also lower across all capital cities and regional areas,” a spokesperson said.

“Nationally, total rental listings were down 9.7 per cent month-on-month in April.

“The divergence is again apparent, with the total number of properties for rent 20.8 per cent higher across regional markets and 16.5 per cent lower in capital cities.”

Despite increases in rental supply in some markets, total stock for rent remains significantly lower than at the start of the pandemic in both capital cities (-40.2 per cent) and regional areas (-36.1 per cent).

Sydney (-5.1 per cent), Melbourne (-17.9 per cent), Perth (-16.4 per cent), regional WA (-4.1 per cent) and Darwin (-10 per cent) all recorded a decrease in new listings over the year.

Excluding Darwin, these areas also recorded declines in total listings over the year, led by

Melbourne (-31.3 per cent), Perth (-19.2 per cent), Sydney (-15.7 per cent) and regional WA (-3.2 per cent).

“Although rental supply is rising in many regions, only Hobart and Canberra had more stock for rent than at the start of the pandemic,” a spokesperson said.

“Without an imminent increase in supply, the stock of rental properties will remain low, exacerbating the competitive conditions renters currently face.”