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Sydney Rental Market Officially Back on Track | Metro Realty Property Management

We remember the panic of COVID back in 2020, when uncertainty was in the air, flowing onto the economy, creating a direct impact.

The rental market in Sydney has been one area that has taken a beating. Rental prices had dropped between 20 and 30%, leaving many landlords (and frantic property managers) scrambling to find tenants to pay rent.

Fast forward two years, we are proud to announce that COVID rental rates are officially over!

The rental market has slowly recovered since the beginning of 2021 and is now seeing an uptake in rental prices. This is good news for landlords and for tenants, as rental prices are predicted to rise in the next few months.

It’s also a great time to be a landlord as you will be able to charge higher rental prices than you could in the past two years.

To showcase what kind of increases we are looking at, here are some examples:

Sydney Property Examples:

  • 298 Sussex Street Sydney NSW 2000

A two-bedroom apartment (average condition, no views) increased from $700 per week to $800 per week.

Increase of 14%

  • 31 Barangaroo Avenue Barangaroo NSW 2000

For a two-bedroom apartment with absolutely stunning views of the harbor, the rental price increased from $1,100 per week to $1,500 per week.

Increase of 36%.

  • 569 George Street Sydney

For a one-bedroom apartment (an average condition with urban views) rental price increased from $570 per week to $680 per week.

Increase of 19%.

  • 91 Liverpool Street Sydney

For a one-bedroom (without parking) in the city, the rental prices have increased from $480 per week to $600 per week.

Increase of 25%.

  • For a one-bedroom unit in Surry Hills, the rental price has increased from $500 to $650.

Increase of 30%.

  • In Redfern, a two-bedroom unit renting for $700 is now being advertised for $850.

Increase of 21%.

  • In Marrickville, a three-bedroom house renting for $850 is now advertised for $1000.

As you can see, rental properties across Sydney have increased from anywhere between 14-36% in the rental price.

That said, it’s essential for investment properties ask for the right amount of rent. Even $20 over the market rate can add weeks to your tenant search. If your rent is $700 per week and the property is vacant for three weeks, that’s $2,100 in lost rent!

$2,100 is equivalent to discounting the rent of $700 to $680 per week for 102 weeks! ($2100/$20 per week = 105 weeks! That’s almost two years)

Has your property manager reviewed your rent recently?

If not, now might be a good time to call and ask for an updated rental appraisal.

More on property managers in Sydney

A competent property manager is a real asset. They are not all the same, and they are certainly not equal in performance or customer service. Solid real estate agents do much more than rent collection, and they are well worth their management fees, as they make you more money and save you some.

Get in touch with us today on our property management services to see how we can help you get the most out of your rental property.

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