Slight easing in Sydney vacancy rates
- Written by REINSW
The REINSW Vacancy Rate Survey results for September 2024 show that residential rental vacancies have increased slightly across the Sydney metropolitan area. However, REINSW CEO Tim McKibbin warned that this lift in the availability of rental accommodation is no cause for celebration.
“These slight increases do not dent the escalating rental crisis,” he said.
“Over the last month, the vacancy rate for Sydney overall rose by 0.1% to 1.9%. Vacancies rose in the Inner Ring of Sydney by 0.1% to 2.7%, however both the Middle and Outer Rings remained stable at 1.5% and 1.4% respectively.
“Similarly, the availability of rental accommodation across both the Hunter and Illawarra regions each rose by 0.1% to be 1.4% and 1.5% respectively.”
Results of the survey across regional areas told a different story, with many areas experiencing a tightening in the availability of rental accommodation.
“Vacancy rates in the Albury, Central Coast, Central West, New England, Northern Rivers, Orana, Riverina and South Coast areas all dropped over the last month,” Mr McKibbin said. “Only the Coffs Harbour, Mid-North Coast and Murrumbidgee areas rose, while the South East area remained unchanged.”
Mr McKibbin said that these latest results show that the reality for all parties engaged in the residential rental market remains dire.
“Demand continues to drastically outstrip supply and securing appropriate rental accommodation remains a pipedream for many tenants as weekly rents continue to rise,” he said.
