The July 2012 rental vacancy survey shows the percentage of available properties is now at 2.2% across the entire Sydney metropolitan basin.
NSW nears 700,000 official landlords as Sydney vacancy rate hits six-year high
Sydney’s rental vacancy rate has hit its highest level in six years, according to the Real Estate Institute of New South Wales.
The July 2012 rental vacancy survey shows the percentage of available properties is now at 2.2% across the entire Sydney metropolitan basin, an increase of 0.4% compared with June.
It is the first time since August 2006 that the average vacancy rate for the entire city has exceeded 2%, said REINSW president Christian Payne.
Significant increases in the percentage of available rental properties were recorded in all areas of Sydney:
“This translates into more choice for prospective tenants,” Payne notes.There are now 692,000 NSW landlords with rental bonds lodged officially with the NSW state government's rental bond board.
Some 470,000 are within the Sydney suburbs.
The data was contained in the 100th edition of the Rent and Sales Report, the authoritative source of data on NSW rent movements.
It is published quarterly within two months of the end of the quarter by Housing NSW.
It went past 600,000 for the first time in September 2005.
The first report in June 1987 noted 300,425 rental bonds, of which 195,000 were metropolitian.
The total number of bonds held by the Rental Bond Board does not directly equate to the total number of private rental properties in New South Wales . The two major reasons for this are : a) At any point in time, a percentage of properties are vacant and therefore bonds are not currently lodged for them. It is noted however, that the vacancy rate has been below 3% in Sydney for the last few years. b) Some rental property owners do not collect or lodge bonds for their properties with examples including an informal letting where a person rents a room in the owner's house, a boarding or lodging house where the resident is a licensee rather than a tenant and holiday lettings.
Total number of bonds held