Australia faces national rental crisis as vacancy rate falls again

Australia’s national rental vacancy rate had fallen to 1 per cent, down from 2 per cent a year ago.Vacancies in multiple capital cities are at their lowest point since Domain records began in 2017.Australian tenants face a worsening rental crisis, with competition for homes soaring as the proportion of vacant rental properties falls to its lowest level in years.

“With many cities already sitting at record high asking rents, combined with the current tightening conditions, we’re likely to see rental price increases continue, causing worsened conditions for tenants,” Dr Powell said. “In some of our cities it is like finding a needle in a haystack when trying to find an available rental,” Dr Powell said.Sydney and Melbourne had the biggest monthly fall in vacancy rates, now at 1.4 per cent and 1.8 per cent respectively.Dr Powell said inner-city markets hard hit during the pandemic were subject to a resurgence in demand as borders reopened and tenants took advantage of lower rents.

Rental demand had risen as Brisbane attracted more interstate arrivals and rapidly rising property prices left more aspiring homeowners renting for longer, Ms Smith said. The recent floods had further exacerbated the rental shortage in some markets, she added. In the Maroondah region in Melbourne’s east, which has one of the city’s lowest vacancy rates of 0.6 per cent, nine out of 10 homes were being leased after the first open home, said senior property manager Anne Johnsen, of Fletchers Maroondah.

Renters were increasingly compromising on the size, location and quality of properties to secure a rental, while existing tenants were more likely to let unanswered repair requests or other breaches of the tenancy contract slide.

Domaincomau I mean - why don’t people just buy a house as ScoMo suggested? I mean - how hard is it to get a loan? Don’t banks just handout money to anyone?

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Australia faces national rental crisis as vacancy rate falls againDesperate tenants are offering up to a year’s rent in advance, with competition for homes soaring as the proportion of vacant rental properties falls to its lowest level in years. Domaincomau Is negative gearing an issue? Slum lords gotta make $$$$. Domaincomau Housing shouldn't be a speculative investment propped up by the Govt.
Source: smh - 🏆 6. / 80 Read more »