The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialLindsay SaundersTue 14 May 24

Vacancy Relief Fails to Break Rental Crisis Grip

National rental vacancy rates have edged up above the 1 per cent mark.

According to data from SQM Research, the rates increased to 1.1 per cent in April 2024, up on March’s 1 per cent.

Rental vacancies Australia-wide now stood at 33,177 residential properties, SQM said. 

Sydney recorded a rental vacancy rate of 1.2 per cent with 10,133 rental homes vacant, up from 1.1 per cent in March while Melbourne’s rate was steady at 1.1 per cent.

Canberra had the vacancy rate at 1.7 per cent, while Perth and Adelaide recorded the lowest vacancy rate at just 0.6 per cent.

Darwin recorded the biggest change as vacancies fell from 1.4 per cent in March to 1.1 per cent in April. 

Vacancy rates in the Sydney, Melbourne, Brisbane and Adelaide CBDs recorded rises in rental vacancies, indicating an easing of sorts in the inner-city, student-focused rental markets, according to SQM, while Canberra CBD, Perth CBD, Darwin CBD, Hobart CBD recorded steady-to-falling vacancy rates. 

null
▲ Sydney’s average weekly cost of renting a house is $1059, SQM data shows.

SQM said that during the 30 days to May 12, capital city asking rents had recorded a softer rise compared to recent periods, up just 0.5 per cent.

This increase is one of the slowest rises in market rents since the outbreak of the national rental crisis in 2021. 

Canberra and Hobart again recorded declines in rents of 0.9 per cent respectively.

Darwin recorded the fastest increase of 4.8 per cent. The second highest increase was from Adelaide at 2.2 per cent and next was Perth at 1.6 per cent. 

The national median weekly asking rent for a home is now $625 a week. Sydney’s $1059 a week is the nation’s highest while Hobart continued to offer the best rental affordability for unit rent of all capital cities at $459 a week. 

SQM Research managing director Louis Christopher said that although “we have recorded a slight easing in rental vacancy rates for April, the rental crisis is still far from over at this stage”.

“The immediate outlook is vacancy rates are set to rise somewhat into winter. This is the normal seasonality we get at this time of year so one should be a little careful about reading into these rises.

“Nevertheless, it might provide some minor relief to tenants who still have excessive difficulties in finding longer term rental accommodation around the country.” 

ResidentialAustraliaPlanningReal EstatePlanningSector
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
More articles by this author
linkedin icon
ADVERTISEMENT
TOP STORIES
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
Exclusive

Rewards Outstrip Risk in SE Queensland Off-The-Plan Buys

Taryn Paris
7 Min
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Exclusive

Sydney’s Fear of Heights Holding Back Housing

Vanessa Croll
6 Min
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
5 Min
View All >
Real Estate

Brisbane Ghost Tower on Block as Descon Fallout Continues

Taryn Paris
Sponsored

Largest Developable Site at Narrabeen Hits Market

Partner Content
Developer Erben is planning to build a 21-storey tower over the top of the sunken bus station and rail line at Perth City Link.
Student Housing

Erben Files PBSA Tower Over ‘Buried’ Perth Bus Station

Renee McKeown
There are plans to add 1146 student beds to Perth City Link as Edith Cowan University moves into the final stages of dev…
LATEST
Real Estate

Brisbane Ghost Tower on Block as Descon Fallout Continues

Taryn Paris
3 Min
Development

Largest Developable Site at Narrabeen Hits Market

Partner Content
3 Min
Developer Erben is planning to build a 21-storey tower over the top of the sunken bus station and rail line at Perth City Link.
Student Housing

Erben Files PBSA Tower Over ‘Buried’ Perth Bus Station

Renee McKeown
3 Min
CrownePlaza Melbourne
Hotel

More Rooms, More Guests: Melbourne Hotel Sector Surges

Leon Della Bosca
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/national-rental-sqm-april-2024