Leasing Statistics | October 2022
October saw a significant decrease in enquiries and inspection turnouts across the Adam Charles leasing portfolio. Vacancy rates have continued to rise, with rental prices increasing in the market across Sydney. Demand for fully and semi-furnished apartments are resulting in a higher cost of living.
Overall, vacancy rates saw a 0.1% increase from last month, with rates across our portfolio standing at 3% this month.
Moving forward, an expected pressure on asking rents will continue to soar as cost pressures faced within the construction sector, particularly in regulation, liability extension onto consultants and limited pre-sale activity in suburban markets remain high.
October Highlights:
- Enquiries serviced = 468
- Open inspections = 95
- Total tenants inspected = 221
- Applications received = 108
- Apartments leased = 29
- Average turnaround time between tenancies = 18 days