Rental housing vacancy rates drop across Sydney, landlords cut rents to attract tenants

Release your eyes, put on headphones, and listen~!

After the landlord of an apartment in Sydney's inner city slashed rents, tenants have been attracted and have begun to return.According to data from the SQM Institute, a real estate research and consulting agency, the vacancy rate of rental housing in Sydney’s city centre has dropped from 5%, the highest point in May, to 16.2% in August. Compared with the same period last year, the city of Sydney in August The average rent of a central apartment fell by about 8%.

According to the Australian Real Estate Network, data from the SQM Institute shows that compared with July, the number of vacant properties in the entire Greater Sydney area decreased by about 7 in August, and the vacancy rate fell from 8% to 700%.

But despite the decline in the vacancy rate, Sydney still has the highest vacancy rate among all capital cities.

Another survey conducted by the Real Estate Institute of New South Wales (REINSW) showed that the vacancy rate in the entire Greater Sydney area has fallen for the first time in five months.In Newcastle and Wollongong, as well as other sub-developed areas in NSW, the vacancy rate also declined slightly in August.

Tim McKibbin, president of the Real Estate Association of NSW, said that the vacancy rate in most parts of NSW has declined, which may be due to the fact that landlords have reduced rents in response to the changes in the market environment brought by the CCP virus (Wuhan pneumonia) crisis. Tenant.

Louis Christopher, director of the SQM Institute, said that the decline in rents means that tenants who plan to stay in the city have more choices.

A recent survey by the financial comparison network shows that tenants are seizing this opportunity to get better rent treatment.The survey shows that during the pandemic, 31% of tenants have changed houses or are considering moving.

Graham Cooke, the manager of the network, believes that now is the prime time for tenants to negotiate better rents, and those who do not want to move should consider asking for rent reductions.He gave the following suggestions:

-Evaluate your payment history: If you have never owed rent, you will be more likely to ask for a discount.

——Compare rents in your area: Check out similar properties in your area online.If the rent of these houses is lower than yours, you can use this as a basis for requesting a rent reduction from the real estate agent.

-Know your credit score: If you have a good credit score, your landlord should be more willing to keep you.

——Be polite: In Australia, most landlords are also paying off their mortgages.If you want to maintain a good relationship with the landlord, even though you can firmly demand a rent reduction, then you should treat them with a gentle attitude.

Responsible editor: Jane Jian

From the group: Australian living family group

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