Residential rental vacancy rates have risen to 4.3 per cent in Sydney according to Real Estate Institute of NSW.
The Announcement:
After an uplift last month, the latest REINSW Vacancy Rate Survey results for April 2021 show that residential rental vacancies in Sydney have again risen and now sit at 4.3 per cent.
“This is an increase of 0.3 per cent over the month for Sydney overall and is on the heels of the 0.9 per cent rise we saw in March 2021,” REINSW CEO Tim McKibbin said.
“The increase is attributable to higher vacancies in Sydney’s Outer Ring, where a 0.7 per cent rise brought the rate to 3.2 per cent. Feedback from REINSW members indicates that demand remains strong for houses in the outer suburbs. However, renting out units is proving more difficult, with rent reductions commonly required in order to attract tenants.
“In contrast, vacancies in the Inner Ring dropped by 0.5 per cent to be 4.0 cent and the rate for the Middle Ring remained stable at 5.8 per cent.”
Outside Sydney, an increase of 1.0 per cent saw vacancies in Newcastle come in at 1.7 per cent. The rate in Wollongong moved in the opposite direction, dropping 0.7 per cent to be 0.9 per cent.
Vacancy rates across the rest of regional New South Wales continue to remain historically low.
“Rates in the Albury, Central Coast, Coffs Harbour, New England and South Coast areas all dropped in April,” Mr McKibbin said.
“The Murrumbidgee region remained stable for the month, while the Central West, Mid-North Coast, Northern Rivers, Orana, Riverina and South Eastern areas each experienced increases in the availability of rental accommodation.”
Source: The Real Estate Institute of New South Wales (REINSW)
