SQM Research has released its rental vacancy data for May, with the national rental vacancy rate falling 0.1% to 1.0% – a new 16-year low:
![Australian rental vacancy rates](https://www.macrobusiness.com.au/wp-content/uploads/2022/06/Capture-181.png)
As shown above, rental vacancies are tracking below 1% everywhere but Sydney and Melbourne.
The next chart plots vacancy rates across the major capitals and nationally:
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![Vacancy rates time series](https://www.macrobusiness.com.au/wp-content/uploads/2022/06/Capture-182.png)