Noticed more renters moving near your property in Carlton? Data released by the Real Estate Institute of New South Wales has shown that should be the case. The REINSW study shows that rental accommodation availability is on the decline in Sydney. The number of properties available for rent fell from 1.8 per cent to 1.7 per cent for the most recent quarter.
The majority of areas within the city experienced lower vacancy rates. Outer Sydney felt the drop the most with a 0.2 per cent drop to 1.4 per cent, placing them at a ten-month low. Our own middle Sydney saw the largest decrease of rental availability with a fall of 0.3 per cent, but we still have the highest percentage of availability at 1.9 per cent. Inner Sydney was the only area to remain stable at 1.8 per cent.
These declines in rental availability show that renters aren't worried about the price. The RP Data Quarterly Rental Review showed a one per cent price rise in rent for Sydney houses for the quarter with no area recording a drop in weekly rates. This boosted the yearly price increase to five per cent and the median rental rate in Sydney to $525 a week.
Units could be responsible for the fall in rental availability as their median price remained unchanged at $500 per week and only a two per cent increase thus far this year.
Are you interested in renting? Contact your real estate agent in Carlton for more information.