![\"Tenants](\"https:\/\/fmsto.blob.core.windows.net\/cms\/images\/055\/0004_637751425479679326.jpg\")
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Tenants continued to face fewer rental options in the market as vacancy rates declined in November.<\/p>\n
The latest SQM Research report showed the number of vacancies Australia-wide went down to 55,370 in November, representing a 1.5% vacancy rate.<\/p>\n
Five of the eight capital cities now have a vacancy rate of below 1%, with Hobart hitting the lowest vacancy rate at 0.3%.<\/p>\n
Sydney maintained its vacancy rate at 2.6% but Melbourne and Brisbane recorded further falls in the month to 3.2% and 1.3%, respectively.<\/p>\n
SQM Research managing director Louis Christopher said there has not been a time when that many capital cities simultaneously recorded vacancy rates under 1%.<\/p>\n
\u201cThis has translated into surging rental rises, particularly for houses where the capital city rise for the year is now recorded up by 11.7%,\u201d Mr Christopher said.<\/p>\n
\u201cIt is clear that demand has boomed for larger properties since COVID and we are not yet recording a reversal of this trend.\u201d<\/p>\n
![\"Sydney](\"https:\/\/fmsto.blob.core.windows.net\/cms\/images\/055\/0004_637751425747246111.png\")
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However, Mr Christopher said it is likely that units are going to get more attention next year given the markets relative affordability.<\/p>\n
Furthermore, as borders reopen and the inflow of migrants resumes, units are likely the first options to be considered.<\/p>\n
Looming rental crisis<\/h2>\n
BuyersBuyers co-founder Pete Wargent said the rental market is likely to enter crisis territory in many regions.<\/p>\n
\u201cAlthough international travel has come back to some extent, we expect to see a surge in \u2018staycations\u2019 this year, as Aussies fear being shut out on return,\u201d Mr Wargent said.<\/p>\n
\u201cTravel and flight rules are changing quickly at the moment, and over the coming months, we expect booming rental demand in destinations such as Sunshine Coast, Gold Coast, and the northern New South Wales coast, among others.\u201d<\/p>\n
Rental markets are expected to tighten further and would likely end the year with even lower vacancy rates.<\/p>\n
\u201cEverything is already full in many of the lifestyle locations, and that\u2019s only going to intensify over the Christmas break.\u201d<\/p>\n
\u201cAussies have built up a huge war chest of savings, an unprecedented $1\u00bd trillion in cash and deposits. We\u2019ve seen the renovations boom; next comes the staycations boom\u201d Mr Wargent said.<\/p>\n
BuyersBuyers CEO Doron Peleg said another factor pulling down vacancy rates is the fact that more Australians have already purchased their second homes while regulations have shifted incrementally in favour of tenants.<\/p>\n
\u201cAs international students return and new migrants begin arriving again, and eventually tourists additionally, we can expect to see rental vacancies falling to record low levels in many suburban and regional locations,\u201d Mr Peleg said.<\/p>\n
\u201cCBD vacancies are still elevated in Sydney and Melbourne, and some areas still have a strong supply of new apartments, as documented in our quarterly oversupply report.<\/p>\n
\u201cBut overall, we expect tight rental markets to persist in 2022 as immigration comes back online, and that\u2019s already reflected in five of the eight capital cities recording vacancy rates of under 1 per cent for the first time\u201d.<\/p>\n
\u2014<\/p>\n
Photo by Samuel Holt on Unsplash.<\/p>\n<\/p><\/div>\n
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