According to the latest report from the Real Estate Institute of New South Wales (REINSW), confidence in the Sydney rental market is starting to return as vacancy rates decline.
Sydney's vacancy rate fell to 3.4% in November from 4.3% in October. This is the lowest vacancy rate recorded in Sydney since the first quarter.
All regions of Sydney reported decreases in vacancies, with the Inner Ring region dropping 4.6%, the middle one 4.4%. and the outer ring at 1.8%.
“It has been a long and challenging year for everyone. When COVID-19 hit, many tenants faced the prospect of losing their jobs and had to make tough financial decisions, ”said Tim McKibbin, CEO of REINSW.
McKibbin says things seem to have started to settle in, as people start to return to work while others embrace a hybrid way of working.
"Overall there is a renewed confidence in what the future holds in store for us and this has had a ripple effect in the residential rental market," he said. he declares.
Vacancy rates in most regional areas of the state are also on the decline.
"The key message from this month's results is that there is light at the end of the tunnel for landlords and tenants," McKibbin said.
A separate report from SQM Research, however, showed that rents have continued to decline over the past month. Still, there are signs that there may be a reversal in the listing abundance in Sydney's central business district.
“They are still very high. But we might start to see some of the population returning to the CBD and downtown areas, ”said Louis Christopher, CEO of SQM Research.
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