By Sam Murden
on August 11, 2022
Rental vacancies in Sydney are now at a five-year low, effectively locking potential tenants out of the market.
Sydney’s rental crisis continues to worsen, with residential vacancy figures dropping to the lowest level in five years.
This has resulted in an “extreme shortage in stock” for people looking to enter Sydney’s rental market.
The latest survey conducted by the Real Estate Institute of NSW (REINSW) shows the vacancy rate for Sydney dropping to 1.7 per cent – around the same level as where it was in August 2017.
The majority of homes in this apartment block rent at exactly the Sydney average. The average price of rental homes in Sydney has risen to $500 per week for units and $530 per week for houses.
The vacancy rates in the city of Sydney are divided into rings; with the inner ring of Sydney dropping to 2.2 per cent, the middle ring remaining stable at 1.4 per cent and the outer ring rising to 1.6 per cent.
Vacancy rates outside Sydney were more varied, with the Hunter seeing decreases and the Illawarra seeing increases.
REINSW CEO Tim McKibbin said there had been recorded decreases in places like the Central Coast, the Central West, Riverina, and South East.
Residential vacancy rates across Sydney have fallen to the lowest level in five years. NSW real estate.
“REINSW members are telling us that they’ve never experienced such a lack of supply. The shortage of stock is extreme and there’s no denying that the rental crisis is real,” Mr McKibbin said.
“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’re choosing to stay put because they’re just not confident that they’ll be able to secure another property.”
“It’s a very stressful time for tenants.”
Vacancy rates increased in places like Albury, Mid-North Coast, Murrumbidgee, Northern Rivers, Orana, and South Coast.