RENTAL availability became even more challenging in February, with the rental vacancy rate in regional Victoria declining.
The regions’ rental vacancy rate fell 0.06 percentage points month-on-month to 1.11 per cent, according to the latest PropTrack Market Insight Report.
Compared to February last year, it was 0.11 ppt lower.
In Melbourne, the vacancy rate fell 0.16 ppt month-on-month to a record low of 1.07 per cent.
Report author Paul Ryan said rental markets were proving “extremely” challenging for renters, with very limited availability across most of the country.
“February saw rental vacancy rates decline further, down 0.12 percentage points to hit a fresh low of just 1.07 per cent,” Mr Ryan said.
“Most capitals and regional areas were facing as limited or more limited availability than they were compared to a year ago.
“Sydney and Melbourne have seen notably larger declines than other capitals, with vacancy rates in both cities falling 0.3 percentage points compared to February 2023.
“Rental markets in Brisbane, Adelaide and Perth remain extremely challenging, with vacancy rates in all three cities below 1 per cent.
“With rental market conditions extremely tight, competition for rentals is likely to remain tough. In the near-term, that is likely to continue to put pressure on rents and further strain rental affordability, which is already at its worst level in at least 17 years.”
