PHOTO: Multiple properties this complex on Gardeners Rd in Mascot are being advertised with two weeks free rent. Source: Supplied

Landlords are slashing rates and offering up to a month’s free rent to entice tenants after COVID-19 social restrictions and other changes drove a doubling in vacancies in some suburbs.

Desperate landlords are offering Sydney homes rent free for up to a month or at reduced rates in an attempt to attract new tenants and stave off costly long-term vacancies.

Desperate landlords are offering Sydney homes rent free for up to a month or at reduced rates in an attempt to attract new tenants and stave off costly long-term vacancies.

The increasingly generous offers helped push advertised house rents down nearly 5 per cent over March, while unit rents dropped 3.1 per cent, SQM Research showed.

Rents were likely to fall further as the coronavirus crisis continued and vacancies climbed, SQM reported.

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There is already evidence social distancing measures and travel bans drove a spike in vacancies in areas once dominated by Airbnb rentals and international student accommodation.

Data from realestate.com.au showed a 20 per cent rise in Sydney rental listings in the first week of April, which economist Nerida Conisbee noted was mostly from short-term accommodation becoming available.

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