Leasing Statistics and Rental Update – February 2023
The number of enquiries across the Adam Charles leasing portfolio remained consistent with last month. Inspection turnouts significantly increased by 16%, whilst the total number of conducted inspections decreased due to lower vacancy rates.
Following the Chinese government’s decision to ban all online learning initiatives for foreign universities, the influx of international students has seen vacancy rates hit an all time low with median rental prices at unprecedented levels.
Overall vacancy rates across our portfolio stand at 0.02% this month, with only one vacant apartment.
Moving forward, it is expected that demand for accommodation in the Sydney CBD area will begin to slow down as international students begin settling into university. We also expect to see a decrease in the number of prospective tenant enquiries and inspection turnouts across the portfolio.
February Highlights:
- Enquiries serviced = 946
- Open inspections = 59
- Total tenants inspected = 501
- Applications received = 439
- Apartments leased = 47
- Average turnaround time between tenancies = 8 days