The rental market in Regional Victoria is showing signs of relief, according to the latest PropTrack report. National rental vacancy rates increased to 1.30 per cent in May, the highest since July 2023, marking the third consecutive month of rising vacancy rates.
This increase in vacancy rates indicates easing conditions for renters, though rental availability remains very low, leading to strong competition and continued rent increases.
Regional markets saw a modest rise in vacancy rates. Greater Shepparton’s vacancy rate for May was 1.1 per cent, with a quarterly change of 0.06 per cent and a yearly change of 0.47 per cent. While renters still face challenging conditions, the slight improvement in May offers a glimmer of hope.
Overall, the rental market in regional Victoria is gradually easing, providing some much-needed relief for renters despite the ongoing competition for available properties.
