The leasing market in Sydney has been reeling from the effects of COVID-19 for weeks, now new patterns are emerging from the upset.

On the front lines at BresicWhitney, many landlords and renters have moved through the panic stage, with glimpses of normality unfolding. We’re also continuing to liaise between people experiencing hardship – and that includes both landlords and tenants.

As we field a number of negotiations around rent payments, the government has left these arrangements up to mutual agreements between tenants and landlords. And with a 60-day moratorium on eviction processes, having open dialogue is important.

Meanwhile, since our last report, we have seen a significant increase in inquiry – up more than 50% in the past week. 

This increase in enquiry is a result of higher stock levels, as well as people re-inspired by the market now they know rental prices have changed. More competition also means people are applying for numerous properties, so owners don’t always get the tenant they want.

But the market is moving better than it was.

A number of case studies this week paint a picture of what’s happening, helping visualise strategies.

At 224 Church Street, Newtown, we just marketed a 2-bedroom/2-bathroom terrace for $650pw, which ended up leasing for $700pw. When it went online last Thursday, more than 130 enquiries came through.  With a number of groups inspecting over the weekend, it went quickly.

Worth noting: if we had originally advertised that home for $700pw, we would have seen a fraction of the enquiry, less competition, and fewer tenants. It would’t have achieved that result with overpriced marketing.

Don’t count on higher offers in this market. But appealing to the widest pool of tenants, at a price that excites them, gives owners greater choice, minimal vacancy, and potentially, better results.

More from the past 7 days

25 Colbourne Avenue, Glebe leased for $695pw. Online for 10 days to strong enquiry, we held multiple private appointments with positive feedback but lower offers in the mid-$500s to mid-$600s. A couple who loved the house saw value at the asking price.

58/228a Moore Park Road, Paddington leased for $750pw.  Online for 3 days, it leased at the asking price with 1 enquiry, 1 application, and 6 months to start.

308/107 MacPherson Street, Bronte leased for $900pw.  A sales offering that reverted to leasing, it saw lots of enquiry, 16 applications, and 20 private appointments on the same day. It leased for $5 above the asking price.

18/16-18 Roslyn Gardens, Elizabeth Bay leased for $350pw, the asking price.  It took 3 rounds of inspections to find the tenant with lots of choice in the surrounding areas.

308/115 Macleay Street, Potts Point leased for $425pw which was $25 below the asking price. It saw limited enquiry but received an application in a day, and an offer straight away.

62/679 Bourke Street, Surry Hills leased for $425pw. It saw 1 private inspection, limited enquiry, and leased in a week after the asking price was reduced from $450pw.

11/220 Goulburn Street, Surry Hills leased at $700pw. With 2 private inspections on the same day, we received an offer at $650pw, negotiated up to $700pw.

21 Brumby Street, Surry Hills leased for $780pw with 2 private appointments in one day. With the previous rent at $850pw around 6 months ago, it was listed at $780pw to account for market changes.

24 Bennett Street, Surry Hills leased at $1000pw after being advertised at $1,250pw. The applicants first viewed 3 weeks ago, submitted lower offers, and were still interested once the marketing was lowered. With the market continuing to be tough, the owners accepted the best tenant of the $1000pw offers.