Melbourne rent crisis: Available homes to rental seekers drops to worrying new low – Beragampengetahuan

Fewer than 6750 homes were available to Victorian tenants in February as the rental vacancy rate plunged to a record low.

New research from PropTrack revealed the state’s vacancy rate fell to just 1.08 per cent in February.

The data shows tenants have less time to lock in a lease with the average home now sitting on the market for only about 20 days for the past six months, nearly two weeks less than in 2021.

Latest Census data indicates there were 624,671 Victorian homes in the private rental market in 2021.

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The amount of available rental homes in Victoria dropped below 6750 in February.

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Contrasted to PropTrack’s vacancy rate data, it shows just 6747 homes would have been available to tenants who had several hundred fewer homes to choose from compared to January.

PropTrack senior economist Angus Moore said Melbourne’s rental market had tightened “very sharply” in the last couple of years even though the city was more affordable than other parts of the nation.

“We are expecting tight rental market conditions are going to continue, whether that looks like (the vacancy rate) bouncing around low 1 per cent or whether we go even lower is unclear,” Mr Moore said.

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“Fewer renters (are) moving out of their existing homes, which when you look at what’s happening to advertised rents and the fact that they have increased a lot, does make sense.”

PropTrack economist Angus Moore

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Your Home Hunter principal Wendy Eva-Scott said there was a lot of competition to secure a rental between $500-$1000 a week.

“People are desperate to get into places and people are offering three months, six months upfront, some people are even offering 12 months worth of rent upfront,” Ms Eva-Scott said.

“Anything that’s even remotely desirable; it’ll be snapped up straight away.”

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She added that property investors were offloading their rentals because of increased land taxes and “some of the strictest compliance laws in Australia”.

“We’re working with three clients at the moment that have all been given notices to vacate because the owners are selling,” she said.

Former Real Estate Institute of Victoria president and Metro Property Management director Leah Calnan said until there was an incentive for property investors to not only stay in the market but return, Melbourne’s vacancy rate would continue to drop.

“The state government obviously needs money and continues to target and increase taxes for investors; the only outcome is a continual decrease in rental stock,” Ms Calnan said.

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sarah.petty@news.com.au