Finding a rental in Sydney getting tougher

Finding a rental in Sydney getting tougher

Posted on Monday, December 16 2013 at 1:11 PM

Rental vacancy rates across Sydney tightened even further in the month of November, falling to their lowest levels in nearly two years.

According to data released by the Real Estate Institute of
New South Wales (REINSW), the availability of residential rental accommodation
in the state’s capital declined 0.1 per cent last month.

The final half of 2013 saw Sydney rates steadily declining,
REINSW president Malcolm Gunning says, creating an increasingly difficult situation
for tenants hoping to secure a property.

Rates dropped in both the inner and outer suburbs of Sydney.
Closer to the CBD, rental vacancies are at 1.6 per cent, while further out
they’re even lower at 1.3 per cent.

“The rising population and lack of new housing developments
is fueling the shortage,” Gunning says. “It’s difficult for people to find
housing and this is of grave concern.”

Metropolitan vacancy rates were last at these low levels in
March 2012, he says.

Follow us on Twitter.

Was this article helpful? Place a link to it from your website, or share it using the button below.

Bookmark and Share

Recent articles:

Finding a rental in Sydney getting tougher

Online property transactions begin in Queensland

Housing market experiences growth

Abbot Point approval a win for local property market

Housing outlook mixed

Australian housing affordability improves

Leave a comment







    Article source: