‘Worse before it gets better’: Renters face stiff competition for homes

Australian tenants are struggling to find affordable homes, as strong demand and fewer rental options drive up competition and prices for properties.

Tenants are facing record low rental vacancies – fewer than 1 per cent of rentals were left empty in August – and experts fear the situation could worsen in the months ahead.

The national vacancy rate held at 0.9 per cent last month, down from 1.7 per cent the previous August, Domain data shows, and the proportion of empty rentals in Sydney, Melbourne and Brisbane more than halved year-on-year.

Read More: https://www.smh.com.au/property/news/worse-before-it-gets-better-renters-face-stiff-competition-for-homes-20220902-p5bevu.html