The landlord of Sydney is willing to offer an extra long rent-free period (photo of the real estate website Realestate)
Amid rising vacancy rates and falling rents, Sydney`s desperate landlords were even willing to offer up to four weeks of rent-free terms to attract tenants to sign leases.
The surge in the number of new homes in Sydney has led to an oversupply of housing in parts of the country and a 10 percent vacancy rate in some areas, according to real estate website Realestate.
Average weekly rental prices fell by more than A $100 on Sydney`s north coast, northwest and far-west suburbs, according to CoreLogic, a property market research firm. North bank rent declines include Gordon (Gordon), Tulamura, (Turramurra), West (Chatswood West), and Neutral Bay, (Neutral Bay).
Liverpool (Liverpool), (Kellyville), Oran Park (Oran Park), Balama hit (Parramatta) and Perez (Penrith) in areas of interest for property development, while weekly rental prices also fell. Kellyville has the highest vacancy rate, at 9.2%.
The north-west Sydney subway line, (Sydney Metro Northwest), which is due to open next year, has brought a flood of apartment developments to Yiping (Epping), raising the local rental vacancy rate to 6.6 percent.
Gordon`s rental vacancy rate is now 7.7%.
Before the construction boom began in 2015, the vacancy rate was less than 2% in much of Sydney.
Laurie (Tim Lawless), head of research at CoreLogic, said tenants were now in a proactive position to negotiate better lease conditions.
Some landlords are responding to the soaring vacancy rate crisis by offering generous lease terms.
Earlier this week, an advertisement for a two-bedroom penthouse in (Old Northern Rd), Old North Road, (Castle Hill), Sydney, advertised "rent-free for the first four weeks."
