Sydney tenants on the hunt for a new rental have 62 per cent fewer properties to choose from than they did at the start of the Covid pandemic.
“It’s an incredibly staggering drop,” PropTrack economist Anne Flaherty said.
“The fact that we have seen such a large drop in such a short number of years really points to how much has changed in the market,” she said.
PropTrack data released Wednesday revealed Sydney recorded the sharpest drop in available rentals across the nations major cities last month. The vacancy rate is now 1.2 per cent.
Long lines of renters have…
News Corp Australia Network
This property at 45 Hale St, Townsville City, is for rent for $520 per week in a tight rental market. Picture: realestate.com.au
The Townsville rental market remains under pressure in 2023 with rental properties becoming scarcer as tenants cough up more to lock down a home.
The latest PropTrack Market Insight report showed rents in the Townsville region increased 7 per cent last year, to $460 per week, and were up 4.5 per cent in the December quarter.
The median rent for a house was sitting at $490 per week, up 4.3 per cent for the…