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The number of properties available for rent on the Gold Coast has hit its highest level in seven years.

And in some cases rents are also coming down.

According to the Real Estate Institute of Queensland (REIQ), the rental vacancy rate on the Gold Coast was at 3 per cent in the September quarter.

That’s up from 2.8 per cent in the June quarter and a big rise from the 1.7 per cent vacancy rate in the September quarter last year.

The vacancy rate hasn’t been that high since September 2012 when it hit 3.5 per cent.

It’s a vast improvement for renters after vacancy hit a low of 1.1 per cent in December last year.

REIQ says there is currently an oversupply of rental properties on the Gold Coast.

That’s thanks largely to new developments that keep popping up across the city which has also been forcing some rents down.

The average rent for a three-bedroom unit was down 1 per cent or $5 a week on the same time last year.

But the average rent for a three-bedroom townhouse was up 2.4 per cent or around $10 a week.

REIQ says property managers on the Gold Coast report that investor activity has remained pretty much the same over the last three months.

It’s a different story in Brisbane where the number of available rental properties has slumped to its lowest level in 11 years.

Vacancy rates have fallen to 1.6 per cent while rents have also increased.