Leasing Statistics | July 2022
Across the Adam Charles leasing portfolio, July continued to see high rates of enquiries and strong inspection turnouts. Record low vacancy rates across Sydney continue to put pressure on prices, with the growing return of immigration to further boost demand. We are seeing a significant uplift in enquiry for apartments located within close proximity to tertiary education with the student intake for 2nd university semester flooding in. We are seeing an increase in shared apartments and demand for furnished apartments, with the overall cost of living rising, again pushing the median weekly rental price higher.
The continued strength of the residential leasing market is underpinned by record low vacancy rates across metropolitan Sydney, with demand outweighing supply. Alike June, our vacancy rates across our portfolio stand at 1%.
Moving forward, rising interest rates and significant pressure on the construction industry will further impact the equilibrium in the market, with lower rates of building entering the market, impacting future supply levels.
July Highlights:
- Enquiries serviced = 971
- Open inspections = 61
- Total tenants inspected = 501
- Applications received =518
- New leases signed = 22
- Average turnaround time between tenancies = 5 days