Despite the glut of apartments, Brisbane has recorded a drop in its vacancy rate. Picture: Patrick Hamilton.TENANTS are in the box seat in Brisbane, with rents taking a tumble last month despite the vacancy rate tightening, new figures from consultancy SQM Research reveal.The asking rent for a three-bedroom house in the city fell 0.5 per cent in February to $448, while landlords are now settling for $367 a week for a unit — 0.8 per cent less than a month earlier. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Asking rents fell in Brisbane in February, according to SQM Research. Photo: Jodie Richter.Asking rents for units in Brisbane are 1 per cent cheaper than they were a year ago.More from newsParks and wildlife the new lust-haves post coronavirus20 hours agoNoosa’s best beachfront penthouse is about to hit the market20 hours agoNationally, capital city asking rents over the month to March 12 fell 0.4 per cent to $560 a week for houses and remained steady at $442 for units.The asking rent for a three-bedroom house in Sydney remains the highest in the nation at $739 a week. INTEREST-ONLY LOANS HIT HISTORIC LOW LIVE LIKE LIFE’S A HOLIDAY BRISBANE’S REAL ESTATE YOUNG GUNS The national residential vacancy rate fell to 2.2 per cent in February.Brisbane also recorded a drop in its vacancy rate to 3.4 per cent from 3.6 per cent as the surplus of rental properties eased, despite the inner city market suffering from a glut of apartments.The national residential vacancy rate fell to 2.2 per cent in February, with the number of vacancies Australia-wide falling to 69,727, led by a sharp drop in Melbourne rental properties. SQM Research managing director Louis Christopher said the figures highlighted tighter rental markets in most cities, which was largely a seasonal effect as students and workers moved to new rental homes for the beginning of the year. SQM Research managing director Louis Christopher.