Back in April this year, the inner Sydney vacancy rate was falling as people returned to the city for work and study, which created a surge in demand for rental properties.
Fast forward to now and the Real Estate Institute of New South Wales’ June 2017 Vacancy Rate Survey reports the inner Sydney vacancy rate is back up to 2.2 per cent after a jump of 0.3 per cent.
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The short term rental accommodation market is booming, and the real estate industry is feeling the impacts. Recently, the industry has seen an increase in tenants illegally subletting a house or room to offset their rent, and in some cases pocketing rental returns, double what the properties’ owners earn.
Airbnb is one of the largest STR players in market, and now they have their sights set on long term residential rental services.
But can online accommodation-sharing site, Airbnb really disrupt the long term residential rental market?