Market Update - April, 2026

The latest data from SQM Research shows the rental market vacancy rates at the end of April 2026 still remain in the “very low” range (below 2%) in all capital cities. In short, most market segments remain very competitive. This means that, many prospective tenants are chasing too few available properties.

Our key markets…

• Adelaide : Despite a slight easing, Adelaide remains the tightest capital city market. While only slightly better than the recent record low of 0.6%, it’s 0.7% vacancy rate is still very low. It means that quality properties continue to be leased extremely quickly, and median rents are continuing to rise.

• Brisbane : After floating between 0.9% and 1.2%, Brisbane, is now tighter at 0.8% vacancy rate. Median rent growth has levelled out, mostly driven by a slowing of the higher end of the market.

• Canberra : Known for being highly cyclical, the Canberra rental market eased slightly at 1.4% vacancy rate. The city is seeing plenty of activity, with most listings being leased within a matter of days.

• Melbourne : Looking at the top line numbers, the Melbourne rental market which was easing, is tightening, with the current vacancy rate of 1.5%. However, market performance varies greatly depending on location and price point, and some segments remain extremely competitive.