Australia’s Staggeringly Small Number Of Vacant Rentals Just Got Smaller

Rental vacancy rates have reached a new low, with new data revealing only 1.07 per cent of rental properties were available last February.

Senior Economist Angus Moore says the only solution is to build more homes.

Although governments are focussing more on this issue, Moore says, “we’re probably not going to see much relief for renters in the near term.”

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The availability of rental homes has plummeted 60 per cent since March 2020.

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“The National Cabinet is targeting 1.2 million homes over five years, though unfortunately, at the current pace of building, we’re not really on track to hit that,” Moore said.

Australia’s rental affordability is at its worst in at least 17 years, and the tight market continues to put pressure on rental costs.

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