Sydney renters have twice as many properties to choose from than their Melbourne counterparts after a spike in listings over the December period, new figures from SQM Research reveals.
A flood of new rental listings has turned Sydney into a renters market.
New figures from SQM Research reveal there are currently 25,177 properties available for rent in Sydney, pushing the city-wide vacancy rate to 3.6 per cent - the highest level recorded in years.
The number of vacant listings was also more than double the number of rentals available in Melbourne, where there is a similar number of tenants and properties.
SQM Research managing director Louis Christopher attributes the increase to "seasonality", as tenant demand is usually down over the month of December.
Pictured: 161 Kent Street, Sydney. For rent by Vanguarde Sydney. As seen on Thehomepage.com.au
But despite the flood of new listings, Sydney rents continue to go up.
The asking rent for a three-bedroom house in Sydney remains the highest in the nation at $705 a week and $508 a week for a two-bedroom apartment.
Under the current climate, Nick Frankel, Business Growth Manager at Morton advises landlords to focus on getting (and keeping) good tenants.
"With the sheer oversupply of rental properties in the market, right now, you cannot be too worried about the price. Just focus on getting a good tenant in the door, and keep them," he told WILLIAMS MEDIA.
Pictured: 64/3 Macquarie Street, Sydney. For rent by Morton Sydney. As seen on Thehomepage.com.au
Sydney wasn't the only city to record a surge in rental listings.
Darwin's vacancy rate lifted to 4.3 per cent, while Brisbane's increased to 3.2 per cent.
"If current vacancy rate levels continue to rise into January and February, Darwin, Sydney, Brisbane and Perth will be a tenant’s market in 2019," Mr Christopher said.
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