The REINSW Vacancy Rate survey results for April 2022 show residential vacancies for Sydney remain relatively stable.

“While the vacancy rate for Sydney overall only increased by 0.1% to be 2.3%, the three Rings fluctuated,” REINSW CEO Tim McKibbin said. “The Inner Ring dropped by 0.5% to be 2.1% and the Middle Ring rose by 0.6% to be 3.3%. The Outer Ring stayed steady at 1.7%.”

Outside Sydney, vacancy rates in the Hunter and Illawarra increased.

“In Newcastle, vacancies rose by 0.5% to be 2.0%, and the Hunter region overall increased to 1.7% (+0.7%),” Mr McKibbin said. “And while the rate for Wollongong dropped by 0.3% to 0.7% for the month, vacancies for the Illawarra region overall rose by 0.7% to 1.3%.”

Vacancy rates across regional New South Wales remain tight, however the majority of areas experienced a slight easing in the availability of residential rental properties.

“Rates for the Central Coast, Central West, Coffs Harbour, Mid-North Coast, Murrumbidgee, New England, Northern Rivers and Riverina all rose over the last month,” Mr McKibbin said. “The Albury, South Coast and South East areas each recorded drops and Orana remained stable.”

While vacancy rates have risen slightly in some areas, sourcing sufficient rental stock to meet tenant demand continues to be an issue for many REINSW members across New South Wales.

"Landlords in competitive markets are being inundated with applications amid the shortage of available rentals,” Mr McKibbin said. “And, more and more, tenants are offering above the advertised price or up to a year’s rent in advance to secure a home.

“For tenants, in many areas, it’s like finding a needle in a haystack when trying to find a property to rent.”