Australia has entered into a deep rental crisis, with tenants facing increasing competition for the diminishing pool of available rental homes, driving up rents by almost 12 percent across capital cities in the last 12 months at an accelerating rate.
SQM Research revealed the national vacancy rate fell to one percent in March, the lowest level since 2006 (pdf).
“The rental crisis has deepened with rental vacancy rates across the country falling to just 1 percent. As a result, market rents have exploded,” SQM Research Managing Director Louis Christopher said. “Some of our capital cities and regions are recording asking rental increases in excess of 15 percent over the past 12 months.
…