Outer Sydney suburbs are experiencing lower vacancy rates than the inner city

The Penrith rental market is experiencing low vacancy rates

By Amanda Nicholls

05-02-2021

The Real Estate Institute of NSW released their rental Vacancy Result Survey for January 2021, which showed that across the past 12 months, the outer Sydney suburbs have bucked the trend and are now experiencing lower vacancy rates than both middle and inner-city suburbs. In February 2020, vacancies were 0.7% higher than inner-city properties. Fast forward to January 2021 and the results are drastically different with outer Sydney leading the charge on low vacancy rates in investment properties. Inner-city properties are experiencing a 4.8% vacancy rate, whilst middle suburbs are experiencing a 4.2% and outer Sydney is currently enjoying a 2.5% vacancy rate. 

SO WHAT DOES THIS MEAN?

This can mean a few things depending on your position - let's start with Landlords and Investors. Low vacancy rates in outer Sydney suburbs like Penrith and our surrounding suburbs is a great thing for income stability. Stanton & Taylor Real Estate is currently leasing properties very quickly and if they are priced correctly and marketed well, we have had some properties on the market less than a week. 

It is important to discuss with your Property Manager the best marketing strategy for your property, as low vacancy rates don't guarantee you a short vacancy period. It still requires a strategic approach and a solid marketing campaign to secure a good tenant who is able to pay their rent and willing to take care of your investment property throughout their tenancy. 

If you are an investor looking to purchase an investment property - the low vacancy rates are great reassurance that you are buying a property in an area that is in high demand with tenants. Speak to our sales team about properties that are currently available on the market and what kind of rental return you are likely to achieve in the current market. 

WHAT ABOUT TENANTS?

If you are currently searching for a rental property to live in, you may be feeling under pressure with the number of people showing up to open homes and how quickly the properties are leasing. The best thing you can do in a market like this is to have your paperwork ready for a quick application. You need to apply right away after inspecting, and if you can make it to one of the first open homes, that will help your chances of getting your application seen early. 

With multiple applications flowing in for properties, it's key to ensure that every field has been filled out on your application and all supporting documents are submitted with the application. It takes time for our staff to contact you and ask for more information, and time for you to respond with the relevant information. In the time that has lapsed, often another applicant has been approved. Your chances of getting your application in front of the landlord quickly are increased if you thoroughly check your application over and any other tenants who are applying to live in the property with you, and ensure everyone's details are correct from the first submission.