The competition for rental properties continues to heat up, as the number of days listings stays on the market shrinks to a record low.
PropTrack’s latest Market Insights showed that the median time a rental property was listed before being rented fell to just 18 days across Australia in March, back to the record low first reached in November 2022.
Compared to pre-pandemic levels, rental listings are getting snapped up a week faster.
Adelaide and Perth are seeing rentals lease the quickest — the median time a rental was listed before leasing in both cities was just 16 days in March.
Meanwhile, rental days in Melbourne and Sydney also declined by six days to 17 days and four days to 18 days, respectively, from last year.
Overall, it would take 17 days for rental properties across combined capital cities before they get rented.
On the other hand, rental days increased slightly in regional areas over the past year. In fact, the median time a rental was on the market before leasing in regional areas was 20 days, up three days from last year.
PropTrack economist Angus Moore said overall, rental properties are leasing rapidly right around the country, reflecting how difficult it is for renters to find a property.
“With vacancy rates sitting at extremely low levels and rents growing fast, we expect rentals will continue to be speedily snapped up this year, as renters compete for limited stock,” he said.
Faster leasing times typically reflect the tightest vacancy rates, just in the case of Adelaide and Perth which have some of the lowest vacancy levels in the country.
-
Photo by Vesnaandjic on Canva.
