‘A landlord’s market’: Big drop in rentals signals tough times for tenants

Rental vacancy rates around Australia continue to be low and will probably tighten further over 2022, with a new report signalling good returns for investors but terrible tidings for tenants.

“In most of the country, it’s a landlord’s market, which we say is when the rental vacancy rate is below 3 per cent, and in some areas there’s definitely a rental crisis. But Sydney and Melbourne have the most fragmented markets, with some suburbs much easier to find rentals in than others.” In Canberra, the rental vacancy rate is sitting at 1 per cent, as against 1.3 per cent last year, and in Brisbane at 1.3 per cent, down from 1.8 per cent. Darwin had the same rate of 1.3 per cent but was the only city to see an actual rise since last year, when it sat at just 1 per cent.Compared to those, Sydney has a higher vacancy rate of 2.6 per cent, although much less than the 3.7 per cent recorded in December 2020, while Melbourne has the country’s highest rate overall of 3.

Sydney’s vacancy rate of 2.6 per cent is the highest level it’s been since May 2021, but at the same level recorded in March 2020. That was just before COVID-19 affected the city and caused a major surge in the vacancy rate. At the end of December, there were just over 15,000 vacant rental listings.

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