Rental vacancies shrink to decade low

SQM Research has released its August rental report, which recorded the lowest national rental vacancy rate since March 2011 at just 1.6%:

The next chart plots the time series at the national level and shows clearly the sharp reduction in the vacancy rate over the past year:

The next chart plots vacancies across the five main capitals, with the smaller majors experiencing extreme tightness. Melbourne’s and Sydney’s rental vacancy rates are more elevated following the loss of migrants (international students):

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.