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.