Business
Rental vacancy rate: Melbourne hits 4 per cent, other cities stabilise in September – Domain News
Landlords must drop their rents to meet the market, leasing agents warn, with no international students arriving and out-of-work tenants moving in with family.
Melbournes rental vacancy rate has more than doubled since this time last year, while Sydneys figure has also blown out.
Some 4 per cent of rentals were vacant in Melbourne in September, well up from 1.8 per cent 12 months ago. The figure also worsened during the citys strict stage four lockdown, from 3.9 per cent in August.
Tenants who lost work during the COVID-19-related recession have been moving out of rental properties and in with family and friends, while international students have not…
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