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Sydney residential vacancy rates rose slightly to 1.2 per cent in January, but sustained under-supply of rental property is still putting upward pressure on rental prices.
According to the latest data from the Real Estate Institute of New South Wales (REINSW) this is the 18th consecutive month vacancy rates have dipped below the two per cent mark.
Sydney apartment rentals rose 5.2 per cent in the last quarter and houses by 3.9 per cent.
REINSW president Steve Martin believes lack of rental property and spiraling rental costs are hurting would-be buyers, commenting that “people are finding it very hard to put money aside and save for a deposit”.
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