New vacancy rate data shows a rental market that is "excessively tight", with vacancies dipping slightly in October.
SQM Research figures have indicated vacancies fell 0.1% in October to 1.8%, and research firms has said the rental market is extremely tight "on a grand scale". Vacancies have remained around or below 2% for "quite a few months consecutively", SQM said.
SQM Research managing director Louis Christopher said the rental market was unlikely to improve in the near future.
"For the meantime, we do not see any light at the end of the tunnel where the rental market is concerned. The trends remain the same with no change in sight," he said.
Perth and Canberra proved to be the nation's tightest rental markets in October. Canberra held steady at 0.7%, while vacancies in Perth fell 0.2% to match Canberra. Melbourne led capital cities in vacancies, with a rate of 3%.
Go to our Free Reports section to find out all about Perth and Canberra suburbs!
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