After an uplift last month, the latest REINSW Vacancy Rate Survey results for April 2021 show that residential rental vacancies in Sydney have again risen and now sit at 4.3%.
“This is an increase of 0.3% over the month for Sydney overall and is on the heels of the 0.9% rise we saw in March 2021,” REINSW CEO Tim McKibbin said.
“The increase is attributable to higher vacancies in Sydney’s Outer Ring, where a 0.7% rise brought the rate to 3.2%. Feedback from REINSW members indicates that demand remains strong for houses in the outer suburbs. However, renting out units is proving more difficult, with rent reductions commonly required in order to attract tenants.
“In contrast, vacancies in the Inner Ring dropped by 0.5% to be 4.0% and the rate for the Middle Ring remained stable at 5.8%.”
Outside Sydney, an increase of 1.0% saw vacancies in Newcastle come in at 1.7%. The rate in Wollongong moved in the opposite direction, dropping 0.7% to be 0.9%.
Vacancy rates across the rest of regional New South Wales continue to remain historically low.
“Rates in the Albury, Central Coast, Coffs Harbour, New England and South Coast areas all dropped in April,” Mr McKibbin said. “The Murrumbidgee region remained stable for the month, while the Central West, Mid-North Coast, Northern Rivers, Orana, Riverina and South Eastern areas each experienced increases in the availability of rental accommodation.”
The REINSW Residential Vacancy Rate Report is based on the proportion of unlet residential dwellings to the total rent roll of REINSW member agents on the 15th of each month. Carried out monthly, the research – a survey of REINSW member agents conducted by Survey Matters – collects the total properties on agency rent rolls, the number of properties that were vacant on the 15th of the month, and the postcode in which a majority of agents’ rental properties are located. The suburb-level rates reported by agents are weighted based on ABS Census 2016 Dwelling Characteristics. The March 2021 report is based on survey responses covering 113,568 residential rental properties.
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The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate and property professionals in NSW. It represents more than 2000 agencies across residential sales, property management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offer training and ongoing professional development. For more information, visit reinsw.com.au.