Leasing Statistics | December 2022
December saw a significant 14.3% increase in the number of enquiries across the Adam Charles leasing portfolio. The Sydney rental market remains quite tight as demand and supply pressures continue to increase. Rising migration, specifically into the Sydney CBD area, have posed a challenge to the rental market due to low housing availability. The continuous rise of interest rates has resulted in increased pressure on landlords, who often pass the additional cost of debt onto the tenants. Median weekly asking rents in our core locations remained high, maintaining an overall push in asking prices across Sydney.
Overall vacancy rates remained consistent with last month, with rates across our portfolio standing at 1% this month.
Moving forward, an outweigh of supply as a result of demand is expected to persist, due to continued rate rises, return of immigration and a decrease in building approvals. It is also expected that we will continue to see an increase in enquiries across the portfolio, particularly from international university students in anticipation of the commencement of semester one in February.
December Highlights:
- Enquiries serviced = 593
- Open inspections = 73
- Total tenants inspected = 246
- Applications received = 102
- Apartments leased = 22
- Average turnaround time between tenancies = 16 days