Rental vacancy rates across Australia increased slightly in June, up 0.02 percentage points (ppt) to 1.45%, according to new PropTrack research. 

Higher rental vacancy rates are good news for renters and reflect more rental properties coming to market.  

However, the rental vacancy rate remains half the level seen before the pandemic.  

Sydney has continued to see easing rental market conditions, with rental vacancy rates up 0.05 ppt in June and 0.28 ppt over the past three months.  

Melbourne rental markets have started to ease over the past few months, but remains at a low level of available vacancies of just 1.40%.  

Brisbane is the only capital still showing worsening rental market conditions, with vacancy rates falling 0.08 ppt to 1.12% in June.  

Adelaide and Perth continue to see the tightest rental market conditions with the fewest available rental properties.  

The rental market is showing signs of easing. However, it remains difficult to find a home and rents are likely to continue increasing. 

PropTrack Senior Economist Paul Ryan said the rental market eased further in June, providing some much-needed relief for renters.  

“Capital cities are seeing more promising rental market conditions, with vacancy rates up 0.17 ppt over the past three months. This is the most significant easing in rental market conditions since early in the pandemic in November 2020,” Ryan said.  

“Sydney (+0.28 ppt) and Hobart (+0.51 ppt) have seen the strongest increase in rental vacancies over the past three months amongst capitals. Brisbane is the only capital city seeing rental market conditions tighten, with vacancy rates decreasing over the past month and quarter.  

“Slowing rental demand has resulted in more rental properties being available for lease. But despite the improvements, rental vacancy rates remain low – around half the levels seen before the pandemic – and demand is easing, but still strong. 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.”