For most of the past three years, landlords have had little to worry about at tenant time. Vacancy rates sat near record lows, enquiries piled up and rents climbed. That backdrop is starting to shift. The change is gentle, but it’s real, and it affects how a furnished rental should be presented, priced and managed.
What the latest numbers say
Cotality’s September quarter rental review, released on 9 October, showed national rents rising just 0.5% over the quarter. That compares with 1.6% in June and 2.1% in March. Annual growth eased to 5.5%, from 5.9% the quarter before, though the national median rent still reached a record $713 a week.
The vacancy rate has moved too. It rose to 2.1%, up from a record low of 1.5% in February. That is the highest in nearly two years, yet still well below the pre-COVID decade average of 3.3%. Cotality’s research director, Tim Lawless, described renters as “reaching an affordability ceiling” and expects growth to slow further over the coming year.
The picture differs from city to city. Sydney was the only capital to record a quarterly fall, down 0.4%, its first since December 2024, with vacancies at 2.5%. Adelaide remained the tightest capital at 1.4%, while Hobart’s vacancy rate more than doubled to 3.1%. Regional markets edged ahead of the capitals for the quarter, and Darwin recorded the strongest growth.
A budget that hasn’t (yet) moved rents
In May, the federal budget announced changes to negative gearing and the capital gains tax discount for property investors. The government forecast a rise in median rents of about $2 a week as a result, and some industry groups predicted far more. So far, the rent data hasn’t shown a post-budget spike, and economists are divided on what the changes will do over time.
The details are complex, and they depend on when a property was bought and what type it is. This is a question for an accountant, not an article.
What a cooler market means in practice
None of this signals a downturn. It means the balance has shifted slightly from landlords toward tenants. A few things tend to follow:
Tenants compare more. With more listings in circulation, a renter has time to choose rather than grab the first available place.
Presentation matters more. Honest photos, clear descriptions and a well-kept property stand out when there are several options.
Pricing needs more care. An asking rate set at last year’s peak may sit unlet longer than expected.
Gaps between tenants cost more. Each week of vacancy is worth more when finding a replacement takes longer.
Where furnished, medium-term rentals fit
A furnished medium-term stay is aimed at a different kind of renter from the usual twelve-month tenant. Someone starting a new job, waiting on home repairs, travelling for treatment or relocating for a project has a fixed date and needs a home that works from day one. Their timing is set by an event rather than by what rents did last month. That doesn’t make any property immune to a softer market, but it does mean the demand comes from a different place.
It also means what attracts those renters is practical: a ready-to-live-in home, an accurate listing, a flexible stay length and a trustworthy process. Rate alone isn’t enough.
How EzyFlats can help
EzyFlats can’t change the market, and it would be wrong to suggest otherwise. What it does is take some of the friction out of letting a furnished home:
Free to list. There is no listing fee. EzyFlats charges a 7% commission on rent received.
Verified renters. Every applicant verifies their identity and phone number before applying, and EzyFlats checks income and facilitates references. The final decision on who stays is always yours.
Flexible stays. Stays run from one week to 24 months, so a property can suit shorter and longer bookings as demand shifts.
Accurate listings. Every listing is reviewed before it goes live, using real photos only. That protects your reputation and the renter’s first impression.
Rent handled for you. Payments go through one secure channel and are collected automatically each fortnight.
None of this guarantees a tenant or a rate. It simply means the parts of letting that are within your control run smoothly.
The bottom line
Rent growth slowing and vacancies rising is not a crisis, but it is a signal. Landlords who treat a vacancy as a short, predictable gap, with a well-presented property, a realistic rate and a process that moves quickly, are better placed than those who assume the last three years will repeat. The cooler the market gets, the more the details matter.
Figures are drawn from Cotality’s September 2026 rental review and related reporting, and are current as at October 2026. This article is general information only and is not financial, tax or legal advice. Speak to a qualified adviser about your own circumstances.
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