Vacancy rates in Sydney and Melbourne have declined recently, and in other capital cities vacancy rates remain around historical lows. Certainly advertised rents have increased quickly of late, though it will take some time to flow through to the stock of actual rents. It's natural to focus on the opening of the borders and resumption of population growth as potential drivers of higher rents.
But it turns out that similar surges in advertised rents are evident in the United States and the United Kingdom. ﻿[ 4] Actual rents paid have been rising there, and in these and some other countries, such as Canada, CPI rental inflation is now running at the fastest pace in many years. We aren't seeing this here in Australia, at least not yet.