New data reveals Australia's rental market is facing a chronic supply shortage, especially in the nation's capital cities. A PropTrack Rental Report released on Monday shows the number of new rentals available in September was at a ten-year low, dropping 5.7 per cent since last year. Residents in capital cities faced the largest drop in new property listings, with declines of 20.2 per cent in Melbourne, 12.2 per cent in Sydney and 8.
4 per cent and 3.2 per cent lower over the September quarter. For those hoping to buy their first home, high rents have made saving for a deposit harder while inflation, which is at an annual rate of 5.4 per cent , has reduced their capacity to borrow. Cameron Kusher, PropTrack's director of economic research and report author, said the situation would not ease unless more homes are built .