NSW rental market tightens further
Sydney’s rental vacancy rate is at its lowest level in 12 months, according to the latest data from the Real Estate Institute of NSW.
The percentage of available rental properties across Sydney dropped from 1.5% in April to 1.0% in May. It’s the lowest vacancy rate recorded since May 2008 and is described by REINSW president Steve Martin as “extremely disappointing”.
Vacancies are highest in the Middle Ring suburbs at just 1.5%. The REINSW says the Inner Ring suburbs have 1.4% vacant while the Outer Ring suburbs have only 1.0% of rental properties available for tenants.
A tight rental market is a common theme throughout the state, according to the REINSW figures. Newcastle recorded 1.5%, Wollongong 1.2%, the Central Coast 1.6% and the Mid North Coast 1.8%. The only locations with vacancy rates above 3% are Coffs Harbour (3.3%) and the South Coast (3.5%).
“These results are a double-edged sword: great news for landlords but grim news for tenants,” Martin says.
“The results for Sydney and Wollongong are concerning and show that despite falls in interest rates and additional first home buyer incentives, the rental market remains extremely fragile.”
