The search for a rental property has got a touch less competitive in most Australian cities and regions as vacancy rates finally start ticking up.
Vacancies edged slightly higher again in June, reaching 1.45 per cent, with renters finding it easier to secure a new home in every capital city bar Brisbane.
Despite the uptick in available rentals as measured by property firm PropTrack, vacancy rates remain at around half their pre-pandemic levels.
PropTrack senior economist Paul Ryan said demand was slowing but from elevated heights.
“It remains difficult to find a rental across the country and we expect rents to continue to grow quickly, placing additional financial pressure on renters,” Mr Ryan said.
Sydney, which has experienced some of the fastest price growth, has recorded a 0.28 percentage point lift over the past three months.
Vacancy rates in Hobart jumped 0.51 percentage points over the June quarter.
Brisbane was the only capital city market to tighten further, but Perth and Adelaide still have the lowest vacancy rates of the urban centres.
The combined regional rate ticked up slightly despite several state regional markets tightening over the month.
A separate Suburbtrends report found rental pain was most acute in Queensland, South Australia and NSW.
The index, which factored in metrics such as vacancy rates, rental increases and average rent as a percentage of income, found Queensland was the toughest state for renters.
Renters in the sunshine state have endured the largest average 12-month rental increase – a 16.33 per cent jump – according to the analysis.
