The results of the REINSW vacancy survey for July 2024 show that rental vacancy rates across New South Wales remain at critical levels.
“The vacancy rate for rental apartments For Sydney as a whole, inflation rose by 0.1% to 1.8%, which is still a historic low,” REINSW CEO Tim McKibbin said. “While this is the highest rate we have seen in Sydney in the last 12 months, we can be sure that the rental market is still in crisis.
“Open positions in each of the interior, In Sydney’s middle and outer ring, rents increased by 2.4% (+0.2%), 1.7% (+0.1%) and 1.5% (+0.2%) respectively last month. Slight fluctuations are to be expected from month to month and despite these increases, there is no doubt that the rental crisis continues.”
Vacant rental rates in the Illawarra region experienced a slight upturn, but the Hunter region fell behind.
“In the Illawarra region, the vacancy rate increased by 0.2% to 1.2%,” said McKibbin. “In contrast, vacancy rates in the Hunter region fell to 1.4% (-0.2%).”
Continuing increasing demand coupled Due to further supply constraints, vacancy rates have declined in many regions of New South Wales over the past month.
“Vacancy rates on the Central Coast, New England, “The Northern Rivers, Orana, Riverina, South Coast and South East areas all saw declines,” Mr McKibbin said. “Only the Albury, Central West, Coffs Harbour and Murrumbidgee areas saw slight increases. The Mid North Coast was unchanged.”
“The demand for rental apartments is not slowing down and although this month’s survey shows some easing in interest rates, there is no reason to celebrate.
“The rental market can fluctuate, But three things remain certain: the supply of apartments is lower than ever before, weekly rents are rising and tenants are faced with ever-increasing living costs.
“There is no doubt that the challenges The challenges facing those operating in the residential rental market in New South Wales remain significant.”
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