Sydney’s rental market went deeper into the rental crisis as vacancy rates continued to tighten.
According to the Real Estate Institute of New South Wales (REINSW), Sydney’s vacancy rate decreased to 1.7% in July, the lowest level on record since August 2017.
The drop was due to the further tightening in Sydney’s inner ring where the vacancy rate declined from 2.9% to 2.2%.
REINSW CEO Tim McKibbin said Sydney’s overall decline followed the brief reprieve in June, when the city’s vacancy rate rose to 2.0%.
“This really is a historical low for Sydney and shows that the rental crisis has definitely taken hold,” he said.
Mr McKibbin said there is an “extreme” shortage of rental supply in Sydney and across the New South Wales regions, resulting in a “very stressful” time for tenants.
“In the face of cost-of-living pressures, many tenants would embrace the opportunity to secure a more affordable rental property — however, despite rent increases, they are choosing to stay put because they are just not confident that they will be able to secure another property,” he said.
|
Region |
Vacancy Rate (%) |
|
Sydney |
1.7 |
|
· Inner |
2.2 |
|
· Middle |
1.4 |
|
· Outer |
1.6 |
|
Hunter |
1.8 |
|
Illawarra |
1.2 |
|
Regional New South Wales |
|
|
· Albury |
1.2 |
|
· Central Coast |
1.3 |
|
· Central West |
1.0 |
|
· Coffs Harbour |
1.5 |
|
· Mid-North Coast |
2.2 |
|
· Murrumbidgee |
1.5 |
|
· New England |
0.7 |
|
· Northern Rivers |
2.0 |
|
· Orana |
1.9 |
|
· Riverina |
0.5 |
|
· South Coast |
1.9 |
|
· South Eastern |
1.0 |
—
Photo by Tourism Australia on Canva.
