Sydney Property Vacancies Rise Substantially in March
According to the REINSW Residential Vacancy Rate Report, the vacancy rates in Sydney’s inner and outer suburbs increased from 3.2 per cent in February to 3.6 per cent in March due to a mix of low demand and high levels of supply. This is effectively a 12.5 per cent increase in the vacancy rate in just one month.
According to REINSW President Leanne Pilkington “Feedback from real estate agencies in areas such as Baulkham Hills and Blacktown has been that old, dated units are harder to lease for the same price they had been getting previously, and landlords are unwilling to drop rental prices.” Anecdotally, a large number of landlords have seen their tenants looking to renegotiate their rents downwards, as they understand that finding a good long term tenant can be a difficult, time consuming process. Many landlords are faced with the prospect of either reducing the rent or seeing their property left vacant.
Clients of Certainty Property are not faced with such choices, as Certainty Property provides a guaranteed agreed market rent. This means that if the tenant is in arrears, the property is vacant, or rents have come off slightly, Certainty Property will continue to pay the agreed market rent for the life of the agreement.
If you’re interested in discussing how Certainty Property and our rental guarantee can assist you, please give us a call on 1300 577 298, or send an email to firstname.lastname@example.org.