Rental crisis: Sydney rentals hits shock new low
Shocking new data shows conditions have gotten even worse for struggling Sydney renters.
Sydney’s dire rental conditions have gotten even worse as the number of available rental properties hits a record low.
Following one of the sharpest falls in available rentals over the last year, paired with skyrocketing prices – there has never been a worse time to be a renter in Sydney, new figures show.
After plummeting to a new low in September, rental availability deteriorated even further in October, as Sydney’s vacancy rate dropped from 1.19 per cent down to 1.11 per cent, according to the PropTrack data.
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Sydney and Melbourne have seen the biggest drops in available rental properties in the last 12 months as both cities continue to be hot spots for migration.
Louis Christopher, managing director of SQM Research, said high numbers of net overseas arrivals are contributing to the tightening of the rental market.
“Current net overseas arrivals is suggesting the population is expanding at an annual rate
of some 650,000 people, which obviously is keeping pressure on the national rental
market,” he said.
In regional NSW, rental vacancies also tightened, with almost 40 per cent less rental properties available compared to pre-pandemic levels.
“It would suggest the population overflow is making many look once more to areas outside the capital cities in order to find shelter,” Mr Christopher said.
Anne Flaherty, PropTrack economist, suggested that conditions for renters across the country could get worse.
“The national vacancy rate has been trending down for well over three years now – a trend
that looks likely to continue off the back of strong population growth and a slowdown in the
supply of new housing,” she said.
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Originally published as Rental crisis: Sydney rentals hits shock new low
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