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17-month stays now the norm in Sydney

27 APR 2021 • By Bianca Dabu • 4 min read • Hotspots
Recent data has revealed that most NSW tenants are vacating rental properties within just 500 days.
Palm Beach Sydney spi

According to the recent Rental Bond Refund Data analysed by Domain, tenancy duration across the state has hit a median of 17 months over the year to March 2021.

It revealed that it’s only a minority of renters settling into long-term homes, with 30 per cent of tenants vacating a property within 12 months.

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Further, less than 10 per cent of tenants spend more than five years in a rental property.

The shortest tenancy average across the city was recorded in Palm Beach and surrounds, where rental bonds were refunded after just 13 months or 389 days – a 30 per cent decline year-on-year. 

Suburbs within the city centre, Sydney south-west and inner-city have also been hit hard – with all having experienced declines in median tenancy duration.

According to Domain, this has been driven by a variety of factors, including an influx of short-term holiday lets, a decrease in international student and expatriate arrivals and the personal circumstances of tenants and landlords.

In contrast, middle and outer-ring suburbs saw longer tenancies, with the highest median recorded in the Canterbury Bankstown region at over 24 months or 746 days.

Other suburbs in the north-west and the Blue Mountains also recorded median tenancies of more than 23 months.

 

Sydney postcodes with the shortest tenancies

Postcode

Median number of days bond held

Palm Beach (2108)

389

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Ultimo (2007)

391

Austral (2179)

397

Chippendale (2008)

399

Barangaroo (2000)

401

Waterloo (2017)

407

North Ryde (2113)

408

Mascot (2020)

422

Forresters Beach (2260)

423

Redfern (2016)

424

 

Sydney postcodes with the longest tenancies

Postcode

Median number of days bond held

Belfield (2191)

746

Bossley Park (2176)

739

Glenwood (2768)

728

Arcadia (2159)

725.5

Blaxland (2774)

716

Artarmon (2064)

710

Allawah (2218)

709.5

Ourimbah (2258)

705

Blackheath (2785)

698

Lakemba (2195)

697

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