09/02/2024
Investors retain control of rental market
Australia's vacancy rate fell from 1.0% in December back to a record-low 0.8% in January, according to Domain, following the seasonal rise that tends to occur at the end of the year.
The vacancy rate (which measures the share of unoccupied rental properties) also fell in most capital cities between December and January.
While vacancy rates remain at historically low levels in many parts of the country, Domain’s chief of research and economics, Nicola Powell, said the rental market appeared to be easing.
“The glimmer of hope for renters this year does remain as we are likely moving into a period of slower rental growth and the number of prospective tenants per rental listing is easing. This suggests that rental demand is pulling back, and while it hasn’t been enough to boost the vacancy rate, it could be on the horizon,” she said.