The rental property market in Sydney has stagnated, the Real Estate Institute of NSW (REINSW) says.

Figures published on Tuesday show the number of vacant rental properties across the city and in Newcastle remained stable at 1.3 per cent in September despite incentives designed to encourage people to buy homes.

The number of vacant rental properties in Sydney’s inner suburbs fell only very slightly to 1.4 per cent while the number in outer suburbs rose by 0.1 per cent to one per cent.

In the Hunter Valley rental vacancies fell 0.1 per cent to 1.5 per cent.

In the Illawarra, overall vacancies rose 0.4 per cent to 1.7 per cent while in Wollongong, the percentage of available properties increased 0.3 per cent to 1.6 per cent.
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The number of rental properties available in outer Sydney has jumped to levels not seen in 18 months while vacancy rates in inner suburbs dropped or remain unchanged.

Renters in the NSW Hunter region and Central Coast also saw a boost but availability fell in the Illawarra.

Available rentals located 25km or more from Sydney’s CBD increased by 0.3 percentage points to 1.7 per cent in January, the Real Institute of NSW (REINSW) said in a statement.
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Low to moderate income earners could move into more affordable housing within weeks under a scheme agreed to by parliament.

The National Rental Affordability Scheme (NRAF) is aimed at providing 50,000 new rental dwellings over the next four years.

The scheme provides federal rebates of $6,000 per dwelling each year for 10 years, and a further $2,000 from states and territories, provided the property is rented to low or moderate income earners at 20 per cent below market rates.
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