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Despite the slight increase in the state’s vacancy rate, the institute has stated that “the rental market is still in crisis”.
The Real Estate Institute of NSW’s (REINSW) Vacancy Rate Survey Results for July 2024 has relayed that residential rental vacancies across the state remain at “crisis levels”.
Even with Sydney’s residential rental vacancy rate rising by 0.1 per cent to 1.8 per cent, the city’s highest rate over the past 12 months, REINSW CEO Tim McKibbin described the result as a “historic low” and stated that the “rental market is still in crisis”.
Vacancies in Sydney’s inner, middle and outer rings were detailed to have increased over the last month to 2.4 per cent (+0.2 per cent), 1.7 per cent (+0.1 per cent), and 1.5 per cent (+0.2 per cent) respectively.
Weighing in on these findings, McKibbins said that “slight fluctuations are to be expected from month to month and, despite these increases, there’s no doubt that the rental market continues to maintain its grip”.
While Illawarra’s vacancy rate rose by 0.2 per cent to 1.2 per cent, vacancies in the Hunter region incurred a 0.2 per cent drop to 1.4 per cent.
McKibbin highlighted heightened demand and tightening housing supply as leading to a decrease in vacancy rates across many regional areas in NSW.
“Vacancy rates in the Central Coast, New England, Northern Rivers, Orana, Riverina, South Coast and South East areas all recorded decreases,” detailed McKibbin.
“Only the Albury, Central West, Coffs Harbour and Murrumbidgee areas recorded slight increases. The Mid-North Coast remained unchanged.”
McKibbins emphasised “demand for rental accommodation certainly isn’t slowing” and stressed that the easing in vacancy rates is “no cause for celebration”.
“The residential rental market may be fluctuating, but three things remain certain. The availability of stock is at an all-time low, weekly rents are rising, and tenants are faced with ever-increasing living costs,” he said.
“There’s no doubt that the challenges facing those involved in the residential rental market in New South Wales remain significant,” the CEO concluded.
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