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Vacancy rates remain below national average

By Louise Morrin

Demand for rental property in Carlton and other parts of Sydney has been high for some time, and the latest figures suggest this remains the case. SQM Research revealed that the national vacancy rate stood at 2.4 per cent in May, whereas Sydney's was considerably lower at just 1.6 per cent.

Fewer properties have also been available for rent from the previous month, as April's vacancy rate registered at just 1.7 per cent in the Harbour City. If you're serious about getting your hands on a rental property, there's been no better time to let an agent work on your behalf!

One of the benefits of buying property in Sydney is that it's been protected from some of the ups and downs other parts of the country have experienced since the end of the resources boom.

Managing director of SQM Research Louis Christopher said: "Rental vacancies held steady during the month, though rises were recorded in regional townships and cities with mining exposure."

Asking rents are rising

As the rental market tightens, there's also been an increase in the amount landlords who are charging their tenants. During the week to 12 June, asking rents for houses were up 3.3 per cent from the previous year, while unit costs increased 5.4 per cent.

CoreLogic RP Data figures show that Sydney's rental rate rises stood at 1.4 per cent in the 12 months to March. It was one of just two cities – the other being Melbourne – where rental rates stayed above their previous peaks.

There's been a real shift in rental market conditions over recent months, but the good news for anyone with property management in Carlton is that Sydney has continued to hold its own.

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