The Real Estate Institute of NSW Vacancy Rate Survey for November shows that tenants in Sydney are concerned about rising rents and are staying in their current accommodation for as long as they can.
REINSW President Cristine Castle said today that Sydney renters are looking to extend their tenancies.
“The vacancy rates for inner, middle and outer Sydney are 1.3%, 1.9%, and 1.6% respectively. And the overall vacancy rate is now 1.6%.”
“People are too scared to move and are preferring to stay much longer than the traditional six monthly lease.”
Mrs Castle said the lack of available rental properties was likely to become more apparent in the New Year.
“The ‘No Vacancy’ sign over Sydney will bring no Christmas joy to families looking for a home to rent,” Mrs Castle said.
“January will be a harsh test. Historically it is the time when people accept job transfers, take time off to move and children change schools.”
Mrs Castle said that the NSW Government must address the problem urgently by creating incentives for residential property investors to return to NSW.
“The Real Estate Institute of NSW recently suggested the State Government abolish land tax on all residential investment property to make investment in property more attractive and provide more homes for families to live in.”