Melbourne’s rental vacancy rate plummets
Record-low vacancy rates and a booming population have fuelled claims of a looming rental crisis in Melbourne, as tenants’ advocates and the real estate industry clash over new laws that hand increased rights to Victorian renters.
Data released late last month revealed Victoria’s rental vacancy rate had plummeted, prompting the Real Estate Institute of Victoria (REIV) to warn that conditions would only worsen for renters in the coming months following the overhaul of the state’s rental laws.
And amid the war of words between the industry and tenants’ advocates, the dwindling number of vacant properties for lease across Melbourne also led a property analyst to suggest a rental crisis was looming in the Victorian capital.
“Given the sheer weight of people moving to Melbourne and Victoria from overseas but also from interstate, which is unusual historically, that’s going to put a lot of pressure on the rental market,” real estate expert Pete Wargent told media.