Record low rentals
THERE appears to be no end in sight for desperate tenants looking for rental accommodation in Portland, as the city grapples with possibly it lowest vacancy rate on record.
Real estate agencies spoken to by the Observer report vacancy rates in the rental market to be one per cent or less – that is, there are one or fewer in every 100 rental properties untenanted.
That is even less than the average for regional Victoria, which in July stood at 1.5 per cent, itself the lowest level since data was first collected by the Real Estate Institute of Victoria in 2002.
A figure of three per cent – or more than three times that available in Portland – is generally considered to be a reasonable balance between supply and demand.
For example, on Tuesday, there were just eight two- or three-bedroom homes for rent in Portland, and that figure has not varied much in recent weeks.
And there are plenty of people looking, with recent inspections for the houses available often attracting up to 15 people.
The situation has in large part come about because of strong sales demand in recent times, especially from people moving to Portland.
That has translated in fewer rental properties on the market, with these homes now in the hands of owner-occupiers.