Australian News / 05 May 2022
The rental market is living rent-free in renters’ heads…
We’ve been talking a lot about those looking to buy a home, but if you’re trying to rent a place right now, soz… According to real estate group Domain, prospective tenants are facing the toughest conditions on record as Australia’s rental vacancy rate remained at a record low of 1% in April. That’s down a point from last year when closed borders shut international tenants out. Property managers say demand has spiked as international arrivals return and Aussie workers return to the office in the major cities. Sydney recorded its lowest-ever vacancy rate of 1.4% last month, and Melbourne fell to 1.7%. The toughest place to rent is Adelaide – it has the country’s tightest rental market with 0.3% vacancy. Domain says the increased demand has created a landlord’s market in the cities and the regions, where urbanites have headed for the hills and regional coastal towns.
Know someone who'd be interested in this story? Click to share...
The Squiz Today
Your shortcut to being informed, we've got your news needs covered.
Also Making News
Get the Squiz Today newsletter
Quick, agenda-free news that doesn't take itself too seriously. Get on it.