The national rental vacancy rate increased by 0.08 percentage points to 1.3% in May, marking the highest rate since July 2023 and the first instance of three successive monthly improvements since late 2020.

The latest PropTrack Market Insight Report showed improved rental vacancy rates in many areas, with Sydney recording a 0.16 percentage point increase in vacancy rates and the ACT experiencing a 0.18 percentage point rise last month.

Perth recorded the largest increase over the past three months with a 0.40-percentage-point jump. Despite these increases, PropTrack noted that rental availability remains low across all markets, with only the ACT seeing a higher share of available rentals than before the pandemic.

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