This is a timely question, as recent national rental vacancy figures show positive signs for renters. 

The latest PropTrack Market Insight Report[i] reveals a significant shift in the national rental market. The national vacancy rate, a key indicator for renters, rose to 1.3% in May, marking a notable increase of 0.08 percentage points from the previous month. This data suggests a more favourable environment for potential renters. Notably, Canberra recorded the highest vacancy rate at 1.76%, while Adelaide had the lowest at 1.03%, making it the most challenging city in Australia to find a rental.

It’s not just the national market that’s shifting. Local markets are also showing signs of change. For instance, according to SQM, in Sydney’s popular Inner West region, vacancy rates have risen to 1.5% from a 2024 low of 1% in February. Similarly, inner-city Brisbane has seen an increase, with vacancy rates now at 1.4%, up from 1.2% in February. 

Due to slightly higher vacancy rates and increased stock, rental prices are stabilising. This trend is typical in winter, making it an excellent time to consider moving into a first rental or finding new accommodation. Additionally, fewer people move rentals in winter, leading to lower enquiries. However, the winter market conditions don’t mean you can simply rock up to an open home and expect to be immediately handed the keys to a rental property.

Securing a suitable rental property requires a rental application that ticks all the boxes. Your application must prove to landlords and property managers that you’re the best candidate, capable of paying rent and maintaining the property as outlined in the tenancy agreement. Your application will still have competition, so it must stand out. Include pay slips to verify income and references from previous property managers or employers to show you can take responsibility for looking after the property. 

If you lack rental history, don’t worry. If you’re moving from your own home, you can use a sales agent’s reference, while first-time tenants can use employer references or ask mum and dad to be guarantors. Bringing parents to inspections can also be beneficial. For tenants with rental history issues, transparency is critical. Acknowledging past problems upfront increases the chances of approval. 

To find a rental property you’re interested in, contact your local Raine & Horne office today for more information.

 
[i] https://www.realestate.com.au/news/good-and-bad-news-for-renters-as-both-vacancies-and-prices-increase/