The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
Lindsay SaundersSun 10 Sep 23

Rental Vacancies Drop the Largest in a Year

The national rental vacancy rate recorded its largest drop in more than a year last month, falling by 0.14 percentage points to just 1.10 per cent

The share of rental properties vacant and available is now 54 per cent lower compared to the start of the pandemic, according to the latest data from PropTrack.           

Sydney’s rental conditions deteriorate further in August, with its vacancy rate falling by 0.19 percentage points to 1.26 per cent.

Melbourne’s rental vacancy rate hit 1.19 per cent in August after falling 0.10 percentage points over the month.

In Brisbane, just 0.84 per cent of rental properties were sitting  vacant in Brisbane, reflecting a decline of 0.05 percentage points over the month.

Adelaide and Perth remain the tightest rental markets in the country with vacancies sitting below 0.7 per cent in both cities.

While Canberra had the highest rental vacancy rate of any capital city at 1.72 per cent, it recorded the sharpest monthly drop, falling 0.26 percentage points.

Rental vacancy rates, August 2023 (percentage points)

null
▲ Source: PropTrack

And Darwin was the only city to with a rental vacancy increase, up 0.17 percentage points over August to 1.70 per cent.            

“It became even harder to rent a property in August, with the national vacancy rate falling to a new low,” PropTrack economist Anne Flaherty said.

“There are no signs rental conditions are easing, with the vacancy rate now sitting below 1 per cent in three of Australia’s capital cities.

“Across Australia, the share of available rental properties has fallen by more than half since the start of the pandemic.

“The supply of vacant rental properties in regional areas has also deteriorated, with the vacancy rate falling to just 1.1 per cent.

“Regional SA and Queensland have the tightest rental markets, with vacancy sitting below 1 per cent.

“Rents are predicted to continue rising off the back of these incredibly low vacancy rates, which are driving up competition for properties.”

AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
More articles by this author
linkedin icon
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/rental-vacancies-proptrack-2023