As we head towards the end of Winter, the rental market is beginning to ramp up again. The past two weeks have seen an average of 30 groups attending our open homes and we are leasing the properties either after the first open home or within the first week. This is a strong indicator of what the Spring renting season will look like.
The rental market vacancy rate across Sydney has dipped to 1.3% which is causing rent prices and demand for rental property to remain strong. We are seeing a rise in foreign students returning to Sydney and a rising population in general which in turn requires more available properties for rent to meet the demand.
Sydney remains as one of the world’s most competitive rental markets. With an estimated demand for 570,000 apartments across Australia’s capital cities over the next three years, and only 55,000 apartments being constructed annually, the concern over surging rental prices persists for tenants.
Navigating Sydney’s rental market can be tricky and often discouraging for renters, who have to compete against dozens of other applicants. If you are currently on the hunt for a rental property, we recommend:
– Having all your documentation ready e.g. identification, proof of funds, rental history or current address
– Submit your application over the weekend so that it is ready for review on Monday morning
– Discuss your requirements with the leasing consultant or property manager at the open home
– Call the property manager on Monday to express your interest
On the other hand, this situation brings positive news for investors, especially those navigating financial difficulties caused by increased mortgage repayments. The demand for rental properties offers a favorable environment for investment opportunities. However, it is important for landlords to ensure they are taking certain measures to make their property stand out amongst the competition. This includes ensuring the property is well-maintained, updating it when necessary, and implementing effective marketing strategies.