Rental vacancy rate plummets to record low as Australia’s housing crisis deepens

A growing population, the number of people in each dwelling falling and first home buyers being locked out of the market have all contributed to Australia’s tight vacancy rate. Photograph: David Crosling/AAP

The share of properties available to rent in Australia has hit a record low after the national vacancy rate recorded its largest drop in over a year, a new report has revealed.

Rental vacancy rates fell 0.14 percentage points in August to hit a new low of 1.10%, with the share of rental properties on the market now 54% lower compared with pre-pandemic levels, the report by property data firm PropTrack shows.