For Tenants - March Vacancy Rates Fall
When you are comfortably settled in your rental home, it might be worth taking a moment to think about what low vacancy rates may mean to those seeking to rent in coming months.
SQM Research's monthly vacancy study, which measures online vacancy ads, showed monthly vacancy rates fell to 1.6% nationwide last March.
Sydney recorded a very tight 1.2% vacancy rate, with some western suburban areas coming in at 0.8%. Melbourne and Brisbane vacancy rates declined for three solid months and sat at 2.4% and 1.7% respectively.
Perth's vacancy rate was 0.9%, while Darwin was at 2%. Adelaide's vacancy rate increased in March to 1.2%, while Hobart edged up to 1.4%. Canberra recorded a minimal 0.6% March vacancy.
Anecdotal accounts suggest the supply of rental property in many locations is limited and as figures show, even falling.
Landlords and property managers value good tenants and for all three parties a harmonious relationship based on good communication is the best outcome.