Rents have skyrocketed across the country, but there is relief on the way for some Aussies.
The total number of available rental properties was 32,814 in March, new data from SQM Research revealed. The national vacancy rate now stands at 1.1 per cent, a slight increase of 0.1 per cent from the previous month.
Sydney and Melbourne rates remained steady, month on month, while other capitals – Brisbane, Perth and Hobart – saw an increase in vacancies.
But the biggest increase was for regional areas, the report found, as tenants who moved to the regions during the pandemic were packing up and moving back to the cities.
North Coast NSW vacancy rates rose from 1.4 per cent to 1.6 per cent, while the Blue Mountains increased to 2.0 per cent, marking the peak rental vacancy rate for the region since April 2020 when the pandemic was in full force.
Available rentals in the Gold Coast Main area rose to 1.1 per cent, the highest level since October 2021.
“The rental crisis in Australia’s regions has peaked, with an easing in rental vacancy rates and rents across many smaller townships and coastal locations,” SQM Research managing director Louis Christopher said.
“This peak also extends to some of our smaller capital cities such as Hobart, where rental vacancy rates rose back over 1 per cent and rents are now down by 1.8 per cent for the past 30 days.”
But the same cannot be said for Sydney and Melbourne where the rental crisis “rolls on”, with vacancy rates sitting at 1.3 per cent and 1.1 per cent, respectively.
Christopher said this had been driven by “rampant population growth, a slowdown in the respective construction pipeline and a return to the city office move from the regions”.
The national median asking rent for a dwelling is $568 a week, increasing to $661 a week for capital cities.
The most expensive rent is for Sydney houses at $962 per week, while the most affordable rent is Adelaide units at $406 a week.