Rental Market Jumps 30% Demand for residential properties for lease throughout the Sydney Metro area is at a record high, as the vacancy factor across Sydney falls to less than 1%.

Demand for residential properties for lease throughout the Sydney Metro area is at a record high, as the vacancy factor across Sydney falls to less than 1%. “The escalation in rentals has been the largest increase in 42 years” - Senior Property Manager and Partner Marinos Euripidou. Mr. Euripidou is a 40-year veteran in Property Management and helps control proximately 2,500 properties though NGFarah.

Tenants are going through a difficult period now many of them suffering with anxiety and stress as they must compete for rental properties. In many cases having to offer more than the original list price to secure the property. “We recently advertised a property in Coogee for $1,300 and leased it in 48 hours for $1,500” – Mr. Euripidou.

It is the exact opposite that happened during the pandemic when we could not lease properties. This is good news for landlords with many of them having their rents increased by up to 30% in one year.

Unfortunately, there is no signs in this slowing down as our boarders are open and migration, tourism and students are coming to Australia thick and fast. Another factor which is affecting the market is that there are more properties wanted for Airbnb short term accommodation. These would have previously been long term rentals and are creating a shortage.

The law will protect tenants in many instances. For example, the landlord is not allowed put the rent up more than once in 12 months and must justify the increase with comparable rentals in the area. Mr. Euripidou said that it is critical to ensure that the landlord/agent does not go for the tenant that is just willing to pay the most rent. The application must be supported with having strong employment and a good rental history.