When you want to pick up real estate in Sydney as a tenant, it's hard to look past rental properties in Double Bay and the surrounding parts of the eastern suburbs. The proximity to excellent infrastructure like schools, universities and hospitals holds a lot of appeal for families, while the public transport links, shopping and luxury properties are always attractive for young professionals.
However, property this appealing often means high demand and competition among potential renters. But according to a new release from the Real Estate Institute of New South Wales (REINSW), this issue might be a little less pressing at the moment.
The June release of the REINSW Vacancy Rate Survey took stock of how many rental properties in Sydney were occupied by tenants, which gives potential renters a good idea of where it is easier and more difficult to secure a lease.
Inner Sydney saw a large increase in vacancies between May and June, rocketing up from 1.7 per cent to 2.6 per cent. According to REINSW president Malcolm Gunning, these levels haven't been seen in nearly ten years.
"The increase is due to a large number of apartments that have been released into the market, which are not moving as quickly as expected. This is good news for tenants looking to live in the inner city," he stated.
As Mr Gunning noted in a separate press release, Sydney has many areas that are rich with employment opportunities and proximity to beaches, which make it an attractive option for those seeking a vibrant city lifestyle.
When you want to step into the world of rental properties in Rushcutters Bay or nearby, make sure to talk to us at Ray White Double Bay. Our market knowledge and extensive property listings are sure to find you what you need.