Rent caps ruled out in NSW amid soaring rental prices in Australia

A for lease sign is seen outside a property in Bondi, Sydney.

The percentage of rental properties available in Australia, known as the vacancy rate, is at an all-time low. CoreLogic and SQM Research shows the national vacancy rate in February was 1 per cent. Source: AAP / Flavio Brancaleone

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Renters in New South Wales won't feel any immediate relief from the cost of rising rents after Premier Chris Minns ruled out a cap on rental increases. Instead, Mr Minns says his government is focused on long-term solutions.

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