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It’s important for residential investors to not panic over the record high residential vacancy rates across Sydney, according to real estate network DiJONES.
General manager, Kylie Walsh, said current market conditions mean it is important to find innovative ways to market rental properties.
“Given the large number of property investments across Sydney, traditional forms of marketing may not work in certain market places,” she said.
“Investors should be looking at premium marketing packages on major portals, targeted social media campaigns, illuminated or picture signboards, and where appropriate placing virtual furniture in vacant properties.”
Ms Walsh said drone footage should also be considered if a property is conveniently located close to education, medical or transport facilities.
“We’re finding there is a high demand for good quality family homes, single villas and large townhouses but we are finding that dated apartments and units without car parking are becoming a challenge to lease,” Ms Walsh said,
She also said the high vacancy rates are not uncommon at this time of the year.
“Seasonally, June and July is the worst period for rental vacancies across the board in Sydney.
“Strategies to combat this include signing tenants for 9 or 18-month leases rather than the standard 6 or 12 months so investors are not exposed to seasonal fluctuations.”
Sydney’s rental vacancy rates are at their highest levels in 13 years, new SQM Research data has found.
Its data shows that the vacancy rate rose to 2.8 per cent in June with an estimated 19,572 residential rental dwellings vacant.
The current vacancy rate is 0.3 of a percentage point higher than the rate of 2.5 per cent recorded in May, and is the highest since SQM Research commenced record-keeping of rental listings.
Managing director of SQM Research Louis Christopher said that a surge in developments and a mild slowdown in population growth was the cause of Sydney’s rental vacancies.
“There is now a greater supply of rental accommodation at a time when the growth in rental demand is probably falling a little.”