Rental Interrupted

Let’s talk about the market. And this week I want to talk specifically about the rental market. I recognise most readers of this blog are more focussed on sales rather than the rental market, but equally, I know everyone understands the impact one can have on the other. So, what’s the deal?

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I’m sure you will have read and seen stories highlighting that the rental market is incredibly tight. Demand is at record levels, while at the same time there are fewer properties available on the rental market. And to be very honest, I’m not surprised.

You see, as hard as it is to remember back to the days ‘before Covid’ the fact is the rental market ‘before covid’ was as tight as I’ve ever seen it. 

Covid saw a decrease in demand from international students and immigrants which had a dramatic impact, particularly on the inner-city rental market. At the same time lockdowns and layoffs forced many renters to rethink their budgets and rework their financial priorities.

But now we are back in the pre-covid reality; there simply is not enough stock available.

For units in Sydney, the vacancy rate twelve months ago was 3.5% according to CoreLogic. Compare that to October this year when the unit vacancy rate in Sydney was just 1.2%. Ouch. The yearly change for Sydney houses has not been quite so dramatic, moving from 1.9% down to the current vacancy rate of 1.5%.

We need more rental accommodation across all price points.

That bodes well for those who own an investment property. With property yields increasing in response to the demand/supply imbalance. Of course, across-the-board investors need to remember; increases don’t flow through immediately and as always, our Property Management team will caution landlords to consider the value of existing tenants, before rushing to raise rents at the end of a lease.

The other interesting point to consider was highlighted in the recent CoreLogic analysis. The speed of rental growth has been slowing. I think that is very important to take into consideration as it indicates there is a limit to what potential renters can and will be able to afford.

Of course, the tight rental market is good news for the sales market. And from what I have seen pre-and-post-covid I think those opportunities will remain strong and consistent into the future. Investors can secure good rental yields on new properties as well as capital growth. Yes, the rate of capital growth has slowed from the record levels we have become used to, but it is still there.

The Morton Sales team can provide advice on the best properties to maximise rental return, as they work incredibly closely with the Morton Property Management team, who currently manage over 3700 properties across the Sydney basin.

Whether it be securing the best investment, home or tenant, the Morton team is dedicated to understanding the realities of the market and helping you make the best choices for your unique situation.