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Vacancy rates rose across the Sydney metropolitan area in May, yet the city's rental market remains tight, according to the Real Estate Institute of New South Wales (REINSW).
The biggest increase was seen in the outer suburbs, where the rate of vacancy rose 0.6 per cent to reach 2.3 per cent.
The inner suburbs, meanwhile, were up 0.3 per cent to 1.9 per cent. The middle suburbs were unchanged, also at 1.9 per cent.
That means that overall last month, the citywide vacancy rate rose 0.4 per cent to 2.1 per cent.
"After three months in a row of residential vacancy declines we are back to levels seen in January," said REINSW president Christian Payne in a statement.
However, a small increase in vacancies wasn't enough to change the overall situation in the Sydney rental market.
Mr Payne went as far as describing vacancy rates as "dire", despite the improvements seen during May.
Time to make the big move?
With vacancy rates hovering around the two per cent mark, the ball is truly in the court of the landlord in Sydney.
That means that renters may be faced with tough competition for properties as well as relatively high rental prices.
If you are currently renting in Sydney and feel like a change is due, perhaps now is the time to assess whether buying property is an option for you.
While renting can be a perfect accommodation solution for people in many circumstances, when you find yourself ready to settle down or seek some stability, buying property can often start to make a lot of sense.
See where you stand
Many renters assume that they can't afford to buy a home, yet without doing the research to back up this assumption.
If you are even partway interested in the possibility of buying property, why not do a bit of investigating to see where you really stand?
You needn't visit the bank manager either. There are many helpful resources online that can help you develop a snapshot of your home loan borrowing potential.
Get some free advice
After you've played around with mortgage calculators and property apps for a while, you may wish to get an opinion on your home buying potential from a mortgage finance expert.
That's what a mortgage broker can do for you, and free of charge too.
They can look at your finances and let you know whether you're in a position to finance a home purchase. If you're not, they'll be able to tell you what you need to do to get there!
