Recent data from the Real Estate Institute of New South Wales (REINSW) has shown that rental demand has continued to increase in the Sydney rental property market, with vacancy rates continuing to decrease for March this year.
"The Sydney residential rental market is under a great deal of pressure," stated REINSW president Christian Payne.
"The metropolitan market has tightened for the second month in a row and brings us back to November
2012 levels."
The vacancy rate for residential rental real estate in Wollongong has decreased from 2.7 per cent to 2.3 per cent.
The rate for rental properties in Illawarra region fell by 0.1 per cent to 2.2 per cent, after seeing a 0.3 per cent increase over the December and January period.
Other areas in Sydney also saw tight vacancy rates, with some areas reaching as low as 1.6 per cent.
Despite seeing a rise of 0.5 per cent in vacancy rates, Orana still remained to be the hardest place to find property to rent at 1.6 per cent.
Second to Orana, was Albury and the inner suburbs located within ten kilometres of Sydney CBD at 1.7 per cent.
Coffs Harbour was once again the easiest place to rent property, with an increase of 0.4 per cent bringing its vacancy rate to 4.3 per cent.
Low vacancy rates are positive news for those who currently own or are looking to own investment property. Strength in demand often leads to higher priced rental properties being snapped up quickly by prospective tenants and creating the opportunity for lucrative rental yields.
If you are looking to purchase an investment property then contact MMJ's real estate agents in Wollongong today. Our agents have a wide range of properties available and will help to find you the best property to add to your investment portfolio.