SQM Research director Louis Christopher noted a key driver of the rental increases was the return of overseas migration after nearly two years of closed borders.“We have evidence that the rise in overseas arrivals is starting to put some additional demand pressure in certain pockets of the rental market,” Mr Christopher said.
He added that there was a slight uptick in vacancies in Wollongong and the Central Coast, but they remained well below long-term average for most of Sydney.“The rental market by and large remains very tight,” he said. “We will wait to see if the increased immigration demand creates pressure elsewhere.”
Real Estate Institute of NSW CEO Tim McKibbin said finding a suitable rental home at an affordable price was becoming the main challenge for tenants. “It’s a very stressful time for tenants,” he said. “ members are telling us that they’ve never experienced such a lack of supply. The shortage of stock is extreme and there’s no denying that the rental crisis is real.”
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