Melbourne’s rental market tightens, with some areas in ‘crisis’

Rental Vacancy Rate Report

Melbourne followed the national trend, with vacancy rates falling in most capital cities in February. Hobart’s vacancy rate is still the tightest in Australia, staying steady at a record-low 0.2 per cent, while Adelaide at 0.3 per cent and Perth and Canberra at 0.5 per cent were also at their lowest recorded point. Sydney also saw a major shift, with a 1.7 per cent vacancy rate, down from 2.6 per cent last year.

A number of factors were causing Melbourne’s vacant rental numbers to drop, including in inner-city areas, where the vacancy rate peaked at 14.4 per cent in October 2020 when interstate and international borders closed. “Our vacancy rate is dropping quite a bit,” Mr Labza said. “A lot of interstate people and younger people are coming back to Richmond. Uni students are slowly coming back.”

Ms Ferraro said many of the people moving into the inner-city suburbs were young professional couples looking to move in together for the first time.

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