Residents searching for accommodation may be interested to know that rental vacancies in Sydney have hit their highest level in six years.
The Real Estate Institute of New South Wales (REINSW) released its July 2012 rental vacancy survey on August 25 showing the number of available properties is now at 2.2 per cent across the capital city's metropolitan areas with a slight increase of 0.4 per cent in the last month.
"This is a significant improvement in the rental market for Sydney and translates into more choice for prospective tenants," REINSW president Christian Payne said.
"The fact that we are now seeing the best vacancy rates in more than half a decade, is an indication of just how entrenched the rental crisis has been in NSW."
While Mr Payne acknowledged that these new changes may provide some relief for tenants in the state, he added that "the reality is that we need to see a pattern of sustained high figures over some months before we can say with any confidence that rental supply has eased".
This is the first time since 2006 that the vacancy rate across the entire city has risen to two per cent, he concluded.
