Rental crisis entrenched as vacancy rates fluctuate across NSW
The REINSW Vacancy Rate Survey results for November 2024 show that residential rental vacancies across New South Wales remain at crisis levels.
“Vacancy rates are hovering at crisis levels and the number of properties available to rent keeps diminishing,” REINSW CEO Tim McKibbin said.
“The residential rental vacancy rate for Sydney overall remained stable at 1.8%. While the Inner Ring of Sydney rose by 0.1% to be 2.1%, both the Middle and Outer Rings dropped to be 1.6% (-0.3%) and 1.5% (-0.1%).
“The last time the vacancy rate for Sydney broke through 2.0% was back in June 2022.
This is a clear indication that the rental crisis is truly entrenched.”
Residential rental vacancies in both the Hunter and Illawarra regions decreased over the last month.
“In the Hunter region, the vacancy rate dropped by 0.1% to be 1.5%,” Mr McKibbin said.
“Vacancies in the Illawarra region also decreased to be 1.1% (-0.3%).”
Vacancies also remain extremely tight across regional New South Wales.
“Vacancy rates in the Central Coast, Central West, Murrumbidgee, New England, Orana and South Coast areas all increased slightly over the last month,” Mr McKibbin said. “The Albury, Mid-North Coast, Northern Rivers and South East areas dropped, with the Coffs Harbour and Riverina areas remaining stable.
“Month after month, the story remains the same – rental availability is spiralling downward, stock is diminishing, and rents are increasing.
“It’s not hard to understand why those involved in the residential rental market feel so incredibly disheartened. Government certainly acknowledges that we are in the midst of a housing crisis – but little is being done to address the key factor contributing to the crisis, which is supply.
“Supply in the residential rental market is diminishing. There is simply not enough housing to cope with demand and this is putting tremendous pressure on the rental market.
