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<p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj"><strong>It&rsquo;s never been tougher for renters looking for a new home, as the national rental vacancy rate falls to a record low amid Australia&rsquo;s housing crisis. &nbsp;</strong></p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">New PropTrack data showed that the national vacancy rate declined 0.12 percentage points (ppt) to 1.07% in February.</p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">The crisis has worsened significantly since the pandemic, with national levels of available rental homes plummeting 60% since March 2020. &nbsp;</p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">PropTrack senior economist Paul Ryan said rental markets were proving extremely challenging for renters, with very limited availability across most of the country.&nbsp;</p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">&ldquo;Sydney and Melbourne have seen notably larger declines than other capitals, with vacancy rates in both cities falling 0.3 ppt compared to February 2023,&rdquo; he said. &nbsp;</p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">&ldquo;Rental markets in Brisbane, Adelaide and Perth remain extremely challenging, with vacancy rates in all three cities below 1%. &nbsp;</p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">&ldquo;With rental market conditions extremely tight, competition for rentals is likely to remain tough.</p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">&ldquo;In the near-term, that is likely to continue to put pressure on rents and further strain rental affordability, which is already at its worst level in at least 17 years.&rdquo;&nbsp;</p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">Regional markets were also facing limited availability after signs of improvement early last year. &nbsp;</p> <div id="outstream_holder_news"></div> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">Regional area vacancy rates fell 0.07ppt to 1.14% last month and were now 0.22 ppt lower than a year ago. &nbsp;</p> <p class="Text__Typography-sc-vzn7fr-0 kqoxux StyledP-sc-cebixd-0 bzEerj">&nbsp;</p>