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There was some relief for Townsville renters in March with the number of homes available for rent up for the month. Picture: Evan Morgan

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The Townsville rental market eased slightly in March with the vacancy rate lifting month-on-month.

The latest PropTrack Market Insight Report showed the Townsville vacancy rate was sitting at 1.19 per cent.

This was up 0.05 percentage points from February.

However, the report found the number of rental properties sitting vacant in the NQ capital had dropped 0.28 percentage points in the March quarter and 0.03 percentage points year-on-year.

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PropTrack economist, Anne Flaherty. Picture: Supplied

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PropTrack Economist and report author Anne Flaherty said the vacancy rate also rose in regional Queensland as a whole in March, up 0.03 percentage points to sit at 1.07 per cent.

“This was the second tightest regional rental market,” she said.

“Compared to March 2023, the vacancy rate in regional Queensland was down 0.27 percentage points.”

In Brisbane, the vacancy rate rose 0.03 percentage points last month to sit at 0.98 per cent.

“Despite Brisbane’s vacancy rate rising in March, it remained one of the tightest rental markets in the country,” Ms Flaherty said.

“The share of rental properties vacant and available in Brisbane is now 55 per cent lower compared to the start of the pandemic in March 2020.”

The property at 16 Norfolk Pl, Douglas, is newly for lease at $650 per week. Picture: realestate.com.au

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Ms Flaherty said nationally, rental conditions saw a slight improvement in March, though renters should expect little respite given vacancy rates remained close to historic lows in most markets.

“Vacancy across Australia’s combined capital cities was at the second lowest level on record in March, with just 1.08 per cent of rental properties sitting vacant,” she said.

“Availability was slightly better in the regions, with 1.17 per cent of rentals vacant.

“High levels of migration, primarily focused across Australia’s capital cities, has driven increased demand for rentals.

“Over the past four years, the number of vacant homes has fallen by 58 per cent across the capital cities and by 47 per cent in regional areas.”