More rental homes remain unoccupied in Sydney, with vacancy rates rising to 4.3% in April, according to the latest report from the Real Estate Institute of New South Wales (REINSW).
The increase in April followed a slight uptick in March. Sydney's Outer Ring region has driven the overall rise, with its vacancy rate posting a substantial growth of 3.2%.
"Feedback from REINSW members indicates that demand remains strong for houses in the outer suburbs. However, renting out units is proving more difficult, with rent reductions commonly required in order to attract tenants," said Tim McKibbin, CEO of REINSW.
On the other hand, vacancies in other Sydney regions declined. However, these regions still reported higher vacancy rates at 4% for the Inner Ring region and 5.8% for the Middle Ring region.
While vacancies in Sydney remained elevated, regional areas in New South Wales continue to report historically low vacancy rates.
Albury, Central Coast, Coffs Harbour, New England and South Coast areas all recorded a drop in vacancy rates over the month. Only the Central West, Mid-North Coast, Northern Rivers, Orana, Riverina, and South Eastern areas registered increases in rental vacancies.
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