The REINSW Vacancy Rate Survey results for January 2023 show that residential vacancies in Sydney are at their lowest level since November 2013.

“The vacancy rate for Sydney overall dropped 0.3% for the month to be just 1.5%,” REINSW CEO Tim McKibbin said. “This 9-year low in Sydney vacancies is proof that the rental crisis is showing no signs of abating.

“Demand for rental accommodation across Sydney is at an all-time high. Many REINSW members simply have no available properties on their rent rolls. Others that do are reporting that properties are being snapped up immediately.”

Outside Sydney, vacancy rates rose slightly for the Hunter region, but dropped across the Illawarra.

“In the Hunter region, the vacancy rate increased by 0.3% to be 2.4%,” Mr McKibbin said. “The Illawarra region dropped slightly to 1.4% (-0.2%)”

While vacancy rates further tightened in many regional areas, there were also those areas that eased.

“Vacancy rates for the Albury, Central Coast, Coffs Harbour, Mid-North Coast, Murrumbidgee, Northern Rivers and Orana areas all recorded drops,” Mr McKibbin said. “However, the Central West, New England, Riverina, South Coast and South East areas each rose.

“REINSW members across New South Wales are telling us that they’ve never experienced a rental market like this. There are so many tenants who are choosing to remain in their current rental property, even in circumstances where the property no longer suits their needs. Why? Because they see it as a better option than braving the current fight to secure a new rental property.

“The availability of stock in the rental market is at an all-time low, weekly rents are rising and tenants are faced with ever-increasing living costs. None of these things are showing any signs of getting better, in fact, they’re getting worse. All stakeholders agree that increased investment in the sector is the only solution, but the current strategy is to constantly erode the rights of landlords. Something has to change.”