PHOTO: Rental property
Weekly rents are being slashed by hundreds of dollars in some traditionally popular suburbs as a mass of tenants vacate properties, forcing landlords to undercut each other.
Landlords in some of Sydney’s most sought after inner suburbs have been offering apartments with hundreds of dollars slashed off the weekly rents as COVID-19 evaporates the tenant pool.
New research showed average advertised rents are currently more than 10 per cent cheaper than they were a year ago in Pyrmont, Potts Point, Chippendale-Darlington and Bondi Junction.
There was a similar trend in the Sydney CBD, where units were being listed for 14 per cent cheaper than a year ago, on average.
Smaller average falls of about 8-9 per cent were recorded in Surry Hills, Redfern and in the Waterloo-Zetland area, the SQM Research figures showed.
The reduced unit rents followed a mass exodus of tenants from Sydney rental properties, which pushed vacancies to a near record high.
Close to 29,000 properties were vacant at the end of April, representing nearly 4 per cent of all rental stock.
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