- Vacancies have increased slightly in recent times
- REINSW CEO says issue of insufficient supply remains critical
- REINSW is currently conducting a Roadshow across the state
During his weekly snapshot, Real Estate Institute of New South Wales (REINSW) CEO, Tim McKibbin, has addressed concerns about the rental market across the state.
While acknowledging the recent REINSW figures have shown a slight rise in the rental vacancy rate, he says the issues of insufficient supply remains critical.
“Even with recent REINSW figures showing a slight rise in the Sydney rental vacancy rate in March, the issue of insufficient supply, in Sydney and the regions, remains critical,” said Mr McKibbin.
“Property managers in the regions are reporting people lined up down the street in the hope of securing a place to rent for themselves and their families.”
Tim McKibbin, REINSW CEO
He added that more than ever local Governments in areas experiencing a surge in demand for rentals needed to enact strategies top increase supply. This is especially true for areas, he says, for regional NSW currently being faced by a flood of residents migrating away from Sydney.
“The exodus from Sydney has become an entrenched factor which will continue to impact the market. Any suggestion it would be a fleeting response to the pandemic feels naïve at this point.
“It’s true that many people fear change and have a blanket negative view of development. Respectfully, those fears cannot be justified when weighed against the simple fact that some people cannot find a home or can no longer afford the rent.”
Mr McKibbin concluded his remarks by referring to the fact that building property provides economic benefits to a local which can be done in ways that “enhance – not compromise – the charms of a locality.”
REINSW is currently in the middle of a Roadshow tour visiting various locations across the state. This week it is in Western Sydney with more events planned in Ryde/Parramatta and Campbelltown.