If you are struggling to find a rental property in Australia’s harbour city, and it feels harder than ever, you are not imagining it.
The vacancy rate in the Sydney market fell to 1.7 percent in February, its lowest rate since late 2017. This was a drop of 0.2 percent from the already low 1.9 percent registered in the first month of the year.
The Sydney Morning Herald reported that Sydney was on trend with the other capital cities. According to the newspaper’s Rental Vacancy Rate Report published in the Domain real estate section the national rate for the combined capitals has reached 1.1 percent. Hobart remained the tightest market at a historic low of 0.2 percent, with Adelaide at 0.3 percent and Perth and Canberra both sitting at a record low of 0.5%.
The demand is set to continue as Australia’s borders reopen and tourists and temporary workers re-enter the fray in the battle for rental accommodation. Tourists in particular, favour Australia’s two biggest capitals as their key points of entry.
“Sydney’s tightening market is not restricted to the city,” says Little Real Estate’s Executive GM- Property Services Anne Crarey. “The city’s outer rings are trending too, as city dwellers seek more elbow room in the suburbs. We are also seeing investors cash in on the heated inner-city market and this is creating a dearth of suitable properties for rent.”
Crarey cites vacancy rates at all-time lows of 0.3 percent in the city’s outer north-western suburbs of Richmond and Windsor, and even lower at 0.2 percent in the south-western suburb of Camden.
Crarey offers some sound advice to prospective renters that can help their applications reach the top of the pile. She asserts that preparation is an essential part to seeking a rental at any time, but in a tighter market where competition is high, always:
Ensure your application is completed correctly and ahead of time
Provide as much financial detail as you can
Ensure your digital footprint is updated to reflect your current employment
Be honest and open about your pets if you have them
Follow the procedures outlined in the application
If you are unsuccessful, ask for feedback to improve your next application
“In a tight market, it is so important to get a jump on the competition; there are so many applications for each property that becomes available,” says Crarey.
“Our Little Real Estate teams are embedded in their respective communities and have their ears to the ground. Our people are local and they genuinely care.”
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