Sydney rental market eases
Sydneysiders on the hunt for rental properties can breathe a sigh of relief, with latest figures revealing the vacancy rate has hit a six-year high at 2.2 per cent - delivering reprieve to the tightly locked market.
Figures released from the Real Estate Institute of NSW (REINSW) have revealed the rental vacancy rate in Sydney has exceeded two per cent for the first time since 2006.
Last year the rental crisis in the New South Wales capital saw vacancy rates fall below one per cent, seeing many renters struggle to find accommodation.
What is considered to be a healthy vacancy rate for a capital city is about three per cent.
REINSW president Christian Payne said the figures were an encouraging sign for the Sydney rental market, with more choices available to prospective tenants.
But, he believed confidence in the market was not completely restored.
"While these results are cause for optimism, the reality is that we need to see a pattern of sustained high figures over some months before we can say with any confidence that rental supply has eased," Mr Payne explained.
All areas of Sydney recorded a vacancy rate, with the inner suburbs seeing a move from 0.2 per cent to two per cent, the middle suburbs moving from 0.5 per cent to 2.3 per cent, and the outer suburbs recording a rise from 0.4 per cent to 2.2 per cent.