Sydney’s rental market tightens amid housing supply crunch

The Real Estate Institute of New South Wales (REINSW) has released its September quarter rental vacancy report, which reveals a material tightening in the city’s vacancy rate:

Sydney’s rental vacancy rate fell from 3.6% in August to 2.9% in September – the lowest reading since October 2018.

The results follow Domain’s latest rental report, which reported the steepest annual decline in Sydney rents in more than a decade.

Rents have been pushed down by epic dwelling construction boom over recent years:

However, with both dwelling approvals and completions now crashing, and population growth remaining strong, the ingredients are in place for Sydney’s rental market to tighten over the next two years.

Leith van Onselen

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