Securing a rental property continues to be an extreme challenge for tenants. Vacancy rates are hovering at crisis levels and the number of properties available to rent keeps diminishing. REINSW CEO Tim McKibbin said.
The latest REINSW Vacancy Rate Survey results paint a grim picture, over the last month, residential vacancy rates for Sydney overall tightened by 0.1% to 1.8%. Vacancies dropped dramatically in the Inner Ring of Sydney to 2.0% (-0.7%), while both the Middle and Outer Rings increased to 1.9% (+0.4%) and 1.6% (+0.2%) respectively.
In contrast, vacancies in the Illawarra region dropped to 1.4% (-0.1%).” The results of the survey across regional areas were a mixed bag, with fluctuations across all areas.
Aug 2024 - Wollongong 1.6% + Other 1.3% Total = 1.4%
Sep 2024 - Wollongong 1.3% + Other 1.7% Total = 1.5%
Oct 2024 - Wollongong 1.3% + Other 1.5% Total = 1.4%
Fluctuations in vacancy rates from month to month are to be expected and any increase in the availability of rental accommodation is welcomed. However, the increases we’re seeing in some areas do little to put a dent in the rental crisis.
The simple fact is that demand for rental accommodation continues to outstrip supply. Many agents are reporting that landlords are exiting the market in favour of more attractive investment options. There is simply not enough housing to cope with demand and this is putting tremendous pressure on the rental market.”
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