Sydney rental vacancies plummet to record low
Skyrocketing rents and slim pickings – the two attributes renters are facing as vacancies hit a 16 year low.
The number of rental properties in Sydney remaining vacant for more than three weeks has halved in the space of one year, meaning significantly less choice for those looking for a home.At the same time, house rents have surged by more than 20 per cent with unit rents growing 14 per cent. Data from SQM Research shows there were 11,914 vacant properties in Sydney in May this year, down from 12,758 in April and 21,936 in May 2021.
He said reductions in household size, the conversion of rentals into short stay accommodation and growing immigration had led to a tightening of available properties.