Rental Vacancy Rate Tracker
Australia's rental vacancy rates from SQM Research, tracked month by month — the latest national and capital-city figures, asking rents, and what they mean for investors. Updated within days of every monthly release.
What is Australia's rental vacancy rate right now?
The national residential vacancy rate rose to 1.4% in September 2026, the first move since June — 42,290 vacant dwellings, up from 41,039 in August and 17% above a year ago — per SQM Research's 13 October release. The easing is led by the two biggest cities: Sydney rose to 1.8% with 39% more vacancies than a year ago and Melbourne to 1.9%, while Canberra eased back to 1.9% from 2.1%. Brisbane, Perth, Adelaide, Darwin and Hobart all stay below 1%. National house asking rents rose 1.6% over the month while unit rents fell 1.6%, with unit rents down in seven of the eight capitals.
The Latest Numbers (September 2026)
National: 1.4% vacancy · 42,290 vacant dwellings (+1,251 on August, +17% on September 2025) · asking rents +7.6% year-on-year (+0.3% over 30 days, houses up and units down). The loosening is concentrated in Sydney and Canberra, where vacant stock is up 39% and 21% on a year ago, with Melbourne up 8%; Brisbane, Perth, Adelaide and Darwin have fewer vacancies than a year ago.
Vacancy Rate by Capital City — September 2026
Canberra eased back below 2% while Melbourne and Sydney climbed to 1.9% and 1.8%; every capital remains under the 2.5–3.5% range generally considered balanced. The spread runs from Canberra and Melbourne at 1.9% to Hobart at 0.5%, with five capitals below 1%. The national reading is shown in amber for reference.
Source: SQM Research, National Vacancy Rates bulletin, September 2026 data (released 13 October 2026).
| City | Vacancy rate | Vacant dwellings | Direction (m/m) |
|---|---|---|---|
| Sydney | 1.8% | 13,331 | Up from 1.7% — vacancies +39% on a year ago (1.3% then) |
| Melbourne | 1.9% | 10,127 | Up from 1.8% — vacancies +8% y/y |
| Brisbane | 0.9% | 3,222 | Flat — vacancies −3% y/y |
| Perth | 0.6% | 1,189 | Flat (tight) — vacancies −13% y/y |
| Adelaide | 0.6% | 948 | Flat (tight) — vacancies −21% y/y |
| Canberra | 1.9% | 1,169 | Down from 2.1% — still the loosest capital; vacancies +21% y/y |
| Darwin | 0.6% | 162 | Up from 0.4% — small stock, noisy month to month |
| Hobart | 0.5% | 127 | Down from 0.6% — tightest capital |
| National | 1.4% | 42,290 | Up from 1.3% — first rise since June; vacancies +17% y/y |
Source: SQM Research National Vacancy Rates, September 2026 data (released 13 October 2026).
The Trend
Where is vacancy heading?
After tightening through 2025 to a cycle low of 1.0% in March 2026, vacancy rose through autumn (April 1.2%, June 1.3%), held at 1.3% through winter and edged up to 1.4% in September — the first move in three months, with the vacancy count climbing every month since the low. SQM had flagged a seasonal drift to 1.4–1.5% by December; September landed at the bottom of that range. It remains a return to above year-ago levels, not an oversupply. The balanced-market band is typically cited at 2.5–3.5%; the national rate sits at just over half the lower bound.
National Vacancy Rate — Trend
National vacancy rate (line) and total vacant dwellings (bars). Vacancy bottomed at 1.0% in March 2026, rose through autumn, held at 1.3% from June to August and moved up to 1.4% in September — the dwelling count has climbed every month since the low, to 42,290. Note the horizontal axis is not continuous — September 2025 to February 2026 is omitted.
Source: SQM Research, National Vacancy Rates bulletin, September 2026 data (released 13 October 2026). Earlier readings from SQM's prior monthly bulletins.
The easing is demand-side — softer migration-driven demand and rental-affordability ceilings in the eastern capitals — rather than a wave of new supply. That distinction matters for how much weight to put on the trend continuing: demand-side easing is reversible, while supply-side easing is durable.
Asking Rents
National asking rents are +7.6% higher than a year ago and rose 0.3% over the 30 days to 12 October 2026, but the two dwelling types have split: house rents +1.6%, unit rents −1.6%, with unit rents down in seven of the eight capitals. Sydney shows it most clearly (houses +2.3% to $1,159 a week, units −1.0% to $749). Some of the house strength is the usual spring lift, so the telling signal is in units. Darwin (+13.9%) and Hobart (+9.5%) still lead annual growth; Sydney and Adelaide (+4.5%) are the softest capitals. SQM's test is whether the unit softening runs through the spring leasing season.
Annual Asking-Rent Growth by City — 12 Months to Mid-October 2026
Combined (houses and units) asking-rent growth over the 12 months to the week ending 12 October 2026. Darwin leads at +13.9% off a small rental stock, Hobart +9.5%; Sydney and Adelaide (+4.5%) are the softest capitals. National rents rose 0.3% over the latest 30 days, with houses up 1.6% and units down 1.6%. The national reading is shown in amber.
Source: SQM Research, National Vacancy Rates bulletin, September 2026 data (released 13 October 2026). SQM advertised rents, combined houses and units, 30 days to the week ending 12 October 2026.
| Market | Weekly asking rent | 30-day | 12-month |
|---|---|---|---|
| Sydney | $915.61 | +0.7% | +4.5% |
| Melbourne | $691.97 | –0.7% | +5.7% |
| Brisbane | $754.49 | 0.0% | +7.2% |
| Perth | $795.82 | –0.3% | +5.0% |
| Adelaide | $647.50 | –0.7% | +4.5% |
| Canberra | $686.22 | –0.2% | +4.8% |
| Darwin | $735.35 | +0.6% | +13.9% |
| Hobart | $600.69 | –0.5% | +9.5% |
| National | $704.76 | +0.3% | +7.6% |
Source: SQM Research advertised rents, 30 days to the week ending 12 October 2026 (released 13 October 2026).
Pro tip
Asking rents measure new listings, not rents paid across the whole stock — they lead broader rent measures by roughly 6–12 months. Darwin's +13.9% and Hobart's +9.5% are the kind of prints that rarely sustain against wage growth near 3%; budget on trend growth, not the peak. And note Adelaide: 0.6% vacancy yet just +4.5% rent growth, and Perth's unit rents up only 1.9% at 0.6% vacancy — tight vacancy sets a floor under rents, not the growth rate.
What This Means for Investors — Our Analysis
- The national average now describes no actual market. A 1.4% built from Canberra and Melbourne at 1.9% and Hobart at 0.5% is an artefact. Three capitals are easing (Sydney, Melbourne, Canberra); five have effectively zero slack (Perth, Darwin, Brisbane, Adelaide, Hobart). Underwrite each purchase on its own city's rate.
- Every capital is still a tight rental market. Five capitals are below 1% vacancy and none is above 1.9% — all short of the 2.5–3.5% balanced band. Rising vacancy off these levels is showing up first in unit rents: they fell in seven of eight capitals over the month to 12 October while house rents kept rising.
- In Sydney, Melbourne and Canberra the income leg has weakened alongside prices. Vacancy is rising and unit asking rents are now falling while values fall, so the yield expansion there is coming from the price side. That is a timing question about price rather than a cash-flow case. Sydney's vacant stock is up 39% on a year ago against Melbourne's 8%, so Melbourne is the closer of the two to holding its rental leg. Run the numbers with our rental yield calculator.
- Stress-test eastern-capital purchases with extra vacancy allowance. If the easing trend runs, allow an extra 2–4 weeks' vacancy per year and test 0% rent growth in Sydney, Melbourne and Canberra cash-flow models. In Perth, Darwin, Adelaide, Hobart and Brisbane, vacancy risk remains near cyclical lows.
Monthly Editions — Full Analysis Archive
Each month we publish a full investor deep-dive on the SQM release. The tracker above always carries the latest figures.
Vacancy up to 1.4% with 42,290 vacancies (+17% y/y). Sydney 1.8% with 39% more vacancies than a year ago, Melbourne 1.9%, Canberra back to 1.9%; five capitals still below 1%. National house asking rents +1.6% over the month, unit rents −1.6%, with unit rents down in seven of eight capitals; two days later unemployment rose to 4.7%.
Third month at 1.3%, 41,039 vacancies (+8.7% y/y). Canberra crosses 2%, Sydney vacancies +26% on a year ago, while Brisbane, Perth, Adelaide and Darwin have fewer. National asking rents flat over the month; SQM calls the 7.3% annual figure "history".
Rate flat, count climbing to 40,771. Sydney, Melbourne and Canberra ease while Adelaide tightens to 0.6% — vacancy now tracks the price map.
Third rise in four months, but only half the country is easing — a two-speed rental market.
1.2% / 37,844 dwellings — flat between April's turn and June's confirmation. Covered as a data point in the June edition.
Vacancy up to 1.2% (35,258 dwellings) — the first rise after a year of tightening.
The tightest national reading in ~12 months: 1.0%, 31,732 vacant dwellings.
Methodology
How SQM Research measures vacancy: SQM counts online rental listings that have been advertised for three weeks or more (tracked across the major portals) and compares them with the total number of established rental properties in each market. The three-week threshold excludes normal tenant-changeover churn, so a “vacant dwelling” here is a rental that has failed to lease. Data runs monthly from 2005. Release timing: mid-month, covering the prior month (September data released 13 October). SQM also publishes a weekly asking-rents index alongside.
Caveats worth knowing: figures are point-in-time monthly readings, not seasonally adjusted; off-market rentals, informal sub-leases and short-stay stock are excluded, so true availability can be marginally understated in small markets; and SQM's listings-based method reads slightly tighter or looser than survey-based measures (Cotality's June estimate was ~1.5–1.6% on a different method) — compare trend against trend, not level against level.
Sources
- SQM Research, National Vacancy Rates — September 2026 data, released 13 October 2026 — sqmresearch.com.au
- SQM Research, Weekly Asking Rents Index — week ending 12 October 2026
- SQM Research, National Vacancy Rates — earlier 2026 bulletins (August data released 15 September; July data 13 August; April data 12 May; March data 15 April) and SQM's capital-city vacancy series for year-ago comparisons
- Cotality, Home Value Index, September 2026 — price cross-references via our Home Value Index Tracker
Frequently Asked Questions
Below about 2% is considered a landlord's market — tenants compete for stock and rents rise. A range of 2.5–3.5% is roughly balanced, and above that tenants gain the upper hand. As at September 2026, every Australian capital city is below 2%, and five capitals are below 1%.
SQM Research publishes its National Vacancy Rates bulletin mid-month, every month, covering the prior month — the October 2026 data is expected around mid-November 2026. This tracker is updated within days of each release.
Different methods. SQM counts online listings advertised for three weeks or more against total rental stock; other providers use different listing windows or survey approaches, so the levels differ while the trends generally agree. SQM's series is the longest-running listings-based measure, with data from 2005.
Off a 1.0–1.3% base, rising vacancy signals slowing rent growth rather than falling rents. The practical effect at current levels is longer letting periods in the easing capitals — measured in weeks, not months.
The national residential vacancy rate was 1.4% in September 2026 — 42,290 vacant dwellings — the first rise since June, with the vacancy count 17% above a year ago, per SQM Research. Canberra and Melbourne are the loosest capitals at 1.9%, Hobart the tightest at 0.5%, and five capitals are below 1%.
The Bottom Line
Australia's rental market has passed its tightest point: vacancy bottomed at 1.0% in March 2026, settled at 1.3% through winter and moved up to 1.4% in September with 42,290 vacancies, 17% more than a year ago. With every capital below 2%, five below 1%, and asking rents up 7.6% year-on-year, this is an easing within a landlord's market — not a turn against landlords. The investment story is the split: vacancy is rising exactly where prices are falling (Sydney, Melbourne, Canberra) and staying tight where they have held (Adelaide, Perth, Brisbane) — the vacancy map tracks the price map, and the easing is reaching rents through units first. The next test is whether unit rents keep slipping through the spring leasing season; the October data is due mid-November.
Disclaimer
This page is general information only and does not constitute financial or tax advice. Consider your circumstances and seek professional advice before acting.
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