Over the four weeks to April 2, the total count of national rental listings fell to just under 95,000; - 17.3% below the levels recorded over the same period in 2022 and -36.3% below the previous five-year average.
Combined with the strongest overseas migration rate since the onset of COVID, the shortage in rental listings has seen the national vacancy rate tighten once again to a new record low of 1.0% in February before nudging slightly higher to 1.1% in March, down from 1.3% in December.
The vacancy rate across the combined capitals fell to a new record low of 0.9% in March, while the vacancy rate across regional Australia rose to 1.4%.
Obviously supply of more rental properties is critical to easing the rental shortages.
Extract Thanks to Michael Yardney - 20/04/23
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