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Perth and Adelaide remain the toughest rental markets in Australia with just 0.6 per cent vacancy rates.
But there are signs the pressure is easing nationally with SQM Research data revealing an increase in the national rental vacancy rate up 0.1 per cent to 1.3 per cent, led by a spike in vacancies in Sydney.
An additional 2809 rental properties were added to the rental market to increase listings to 39,716 properties with Sydney driving the increase in supply.
Managing director of SQM Research Louis Christopher said there was evidence that the market has cycled through the worst of the national rental crisis.
“There was an easing in vacancy rates recorded for our largest capital cities and a material slowdown on market rent increases”
“The rental crisis is not yet over and given our ongoing strong population growth rates it is very unlikely we will get to an oversupply of rental properties anytime soon.” Christopher said.
| City | June 2022 | May 2023 | June 2023 |
| Sydney | 1.8% | 1.5% | 1.7% |
| Melbourne | 2.1% | 1.2% | 1.3% |
| Brisbane | 0.7% | 1% | 1% |
| Perth | 0.7% | 0.6% | 0.6% |
| Adelaide | 0.5% | 0.6% | 0.6% |
| Canberra | 1% | 2% | 2.1% |
| Darwin | 0.7% | 0.9% | 0.9% |
| Hobart | 0.7% | 1.6% | 1.9% |
| National | 1.2% | 1.2% | 1.4% |
^Source: SQM Research
Sydney vacancy rates rose 0.2 per cent to 1.7 per cent in June, while Melbourne, Canberra and Hobart posted moderate increases to sit at 1.3 per cent, 2.1 per cent and 1.9 per cent respectively.
Sydney CBD experienced the highest increase in rental vacancy, which is now at 5.7 per cent, up from 5.1 per cent in May. Melbourne CBD also followed suit, increasing to 4.3 per cent from 3.7 per cent.
Rates in Brisbane, Perth and Darwin remained steady at 1 per cent, 0.6 per cent and 0.9 per cent.
Meanwhile, most regional areas had steady rental vacancy rates with the North Coast NSW remaining at 1.8 per cent and the Blue Mountains at 1.7 per cent.
The Gold Coast recorded another rise last month to 1.6 per cent with a drop in rent prices—5.1 per cent for the 30 days before July 4th.
Rent prices have increased almost 20 per cent across the capital cities in the past 12 months.
Unit rents increased 0.2 per cent for the last 30 days and chalked up a 22.1 per cent increase in the past 12 months.
Sydney remains the most expensive city to rent a house at $972.73 a week, while Adelaide is the most affordable place to live with median rents for units at $416.93 per week.
