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New research has provided an update on Sydney and surrounding areas’ rental vacancies for the month of March.
According to the REINSW Residential Vacancy Rate Report, vacancy rates were down in Sydney during the month of March, decreasing 0.4 per cent to 3.0 per cent.
The largest drop was felt by Sydney’s Outer Ring, with the report highlighting that vacancy rates decreased from 3.5 per cent to 3.0 per cent. Meanwhile, the Inner and Middle Rings both decreased by 0.3 per cent to 2.5 per cent and 3.6 per cent, respectively.
Further, the Hunter region also saw a drop in vacancies from 2.1 per cent to 1.3 per cent, while Wollongong and the rest of the Illawarra saw an increase in vacancies from 2.1 per cent to 3.8 per cent.
“The other regions of NSW reflected a general trend of decreasing vacancies, with only two of the 12 areas – South Coast and South Eastern – reporting an increase,” the research found.
“Of particular note this month is the 11 per cent decrease in survey response rates from property managers when compared to February. This is attributed to the disruption being caused by COVID-19, a trend that is expected to continue over the next few months as property managers are focusing on the volatile and uncertain rental landscape.”
Commenting further on the findings, REINSW CEO Tim McKibbin said:
“We are in uncharted waters for the rental market.
“There is a significant amount of uncertainty about the impact on rental vacancies arising from the fact that many renters are facing job losses or reduced pay.
“Notwithstanding the six-month moratorium on evictions, this will likely cause more tenancies to be given up – for example, by people moving in with other family members. Also, some short-term accommodation properties are now being listed as available for long-term rentals. These two factors are increasing the supply of rental properties.
“I believe we will therefore see a rise in vacancies over the next few months.”
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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