Leasing Statistics | November 2022
Across the Adam Charles leasing portfolio, November saw a substantially heightened number of enquiries, with a 10.9% increase, whilst inspection turnouts remained consistent from last month. Sydney has an extremely tight rental market, where we are seeing a mismatch between supply and demand. Demand pressures have been caused by a combination of factors, including the lack of affordable homeownership, changing household formation and the return of skilled migrants and international students. Supply pressures have resulted from delays in building completions, due to supply chain issues. The consecutive run of interest rate rises has resulted in increased pressure on landlords, who often pass the additional cost of debt onto the tenants. Over the last year, our core locations have some of the highest increase in median weekly asking rent, causing an overall push in asking prices across Sydney.
Overall vacancy rates saw a significant decrease from last month, with rates across our portfolio standing at 1% this month.
Moving forward, demand is expected to continue to outweigh supply, resulting from additional rate rises, return of immigration & lower building approvals. Vacancy rates are expected to remain around 1% across Sydney, allowing for further rent rises.
November Highlights:
- Enquiries serviced = 519
- Open inspections = 104
- Total tenants inspected = 223
- Applications received = 100
- Apartments leased = 14
- Average turnaround time between tenancies = days