Happy Spring and welcome to our monthly rental market update!
As the weather is warming up, so is the spring property market. We are starting to see more tenants come to the open for inspections, which is a great sign.
Mass tenant exodus has stabilized; however, there is still more supply for rentals, so rental prices are still down.
- The number of apartments available (supply) continues to be high.
As at 30th September 2020, the number of rentals available in postcode 2000 is about 25-30% higher than usual
- Rental prices are still down
With tenants vacating to chase cheaper rent somewhere else, rent prices continue to be in the fall.
Interestingly, serviced apartment hotels in the CBD have been advertising their apartments for rent. They have been directly competing with the city’s regular apartments, adding to the already high supply.
The average lease price is down approximately 20-30%
Yes, there are more properties on the market than ever before; however, we guarantee that your property will lease out promptly with the right formula.
Sydney has enjoyed a sunny rental market for a good while until this year. Now, owners have to invest money into their fit-out, marketing, and hire skilled agents to lease their properties out.
The saying doesn’t just go for a high-end apartment; this applies to studios worth $350/week in the rental.
- Key takeaway: Marketing Investment and skilled leasing agency continues to be key
Metro Realty August and September leasing results
- A total of 42 properties were leased during the period 1/08/20 to 30/09/20
- $599 is the average rent for each property leased
- During the period, properties were, on average, leased with 33.6 days days on Market