49 Mayflower St, Mt Sheridan sold after auction with RE/MAX Real Estate Services Cairns this month.The fierce competition among tenants chasing long-term rental properties in Cairns is here to stay, with the latest vacancy rate figures showing good news for investors.An REIQ report showed the Cairns region ended the opening quarter to March with a vacancy rate of 3.5 per cent, up 1.8 per cent after experiencing record-low rates last year. The increase in vacancies was concurrent with falling tourism numbers earlier this year due to COVID-19“That number (3.5 per cent) is actually higher than what we’d typically see,” REIQ Cairns zone chairman Tom Quaid said. REIQ zone chairman for Cairns and the Far North Tom Quaid. PICTURE: CHRIS CALCINO“We had a number of Airbnb properties saturate the market.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago“But across most areas in Cairns, agents are still seeing multiple applications for properties. “Apartments in the CBD and northern beaches have slowed down, but four-bedroom homes are still being snapped up.” He said with record-low borrowing rates, conditions were still favourable for investors in Cairns with high rental demand and strong returns.