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But with rental vacancy rates remaining low, rents are likely to trend higher.
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We will be releasing the residential rental vacancy rates update, later this morning.
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As a snippet, see below the rental vacancy rate for the Sydney CBD.
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Sometimes 300 people apply for just one Queenstown rental vacancy.
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As a result the level of rental vacancy falls and a housing shortage is generated.
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Falling rental yields Linked to increasing rental vacancy rates.
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But in Sydney rental vacancy rates are going up.
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Not only has the growth rate slowed, but rental vacancy rates have risen to around their long-run average.
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Nationally, the residential rental vacancy rate increased marginally in December to 2.5 per cent.
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Michelle Meyer, a housing economist at Bank of America, says the rental vacancy rate has fallen to its lowest since 1997.
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Though rental inflation has slowed in recent months, economists do not expect the trend to continue as rental vacancy rates remain low.
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RELATED: Jason Murphy on what the Federal Budget didn't tell you In Melbourne, while house prices fall, rental vacancy rates are falling.
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Due to the number of students entering every year, Kingston has one of the lowest rental vacancy rates in Ontario, which keeps rents high.
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The data showed Hobart's rental vacancy rate had increased through June by 0.2 per cent to 1.7 per cent.
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At the same time, at 7.6%, the rental vacancy rate has hit the lowest point in 20 years.
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The rental vacancy rate dropped to 9.8 percent in the third quarter from a peak of 11.1 percent in 2009.