Leasing Statistics & Rental Update – February 2024
Following the influx of international students returning to Sydney, February saw a decrease in vacancies across the portfolio. As previously reported, apartments on market have been absorbed at a high rate, with an average turnaround of 4 days between tenancies and a lift in rents of over 20% compared to those being achieved in December 2023.
Vacancy rates across Sydney have dropped between this month and last month, however competition between tenants is beginning to decline. Overall vacancy rates across our portfolio remain well below Sydney average at 0.4%.
Looking ahead, we anticipate a slight reduction in the demand and attendees at our open for inspections, attributed to the gradual settlement of international students into accommodation, however we expect rental rates to stop climbing and stabilise.
Additionally, over the last few months, the Adam Charles leasing portfolio has experienced remarkable growth with the addition of a new property.
February Highlights:
- Enquiries serviced = 1015
- Open inspections = 68
- Total tenants inspected = 443
- Applications received = 326
- Apartments leased = 58
- Average turnaround time between tenancies = 4 days