There’s a huge shortage in rental supply
- Written by Tim McKibbin
The news of the establishment of an independent Property Services Commissioner is welcome to the industry, including the thousands of people it employs and the many thousands of customers it serves.
For years, the REINSW has advocated for a dedicated and industry-experienced regulatory authority to work with industry, to deliver better outcomes for consumers and communities.
There is a lot of work to be done to address housing affordability and the crucial issue of housing supply. Rising to this challenge will require the combined focus of Government and industry.
We’re hopeful the appointment of an independent Property Services Commissioner will lead to an environment in which Government and industry works together cooperatively and constructively, in recognition of the magnitude of the challenges ahead.
The latest REINSW rental vacancy data shows a slight easing in residential vacancies in Sydney for June.
Nevertheless, ‘crisis’ remains the most appropriate term to describe the situation.
This week we wrap up the REINSW Roadshow tour and the overwhelming message from agents across the state has been that there’s a huge shortage in supply, including rental accommodation.
Meanwhile demand is strong and will only increase further in coming months. It all adds to the urgency of Government and industry working together to address the supply challenge.
