Why is it so hard to find short-term accommodation in Sydney? 2023 Update
Finding a corporate furnished apartment in Sydney used to be easy.
Fast forward to the first quarter of 2023 and the chance of finding a vacant, 3-bedroom, furnished place anywhere half-decent was almost impossible.
So, where did all the short-term accommodation go? Q1 Update
January has always been a populus month, with the summer holidays in full swing and leisure travel peaking. The start of the new year is also popular with families relocating, all keen to get settled before the start of the school year. Reduced visa processing times meant more families were able to do just that.
The rental market as a whole has also been under enormous pressure, with vacancy rates sitting way below average at around 1.3%. This lack of permanent rentals has had a knock on effect on temporary accommodation, with serviced apartments being booked and extended by those having trouble finding permanent housing within the usual 2-3 week period.
When you take into consideration events such as Concerts, World Pride and wooden boat festivals in some cities, there has just not been the availability of accommodation that there used to be.
How has scarcity affected temporary accommodation? And, how might that impact you?
Temporary accommodation in the capital cities has taken a huge hit and availability is becoming extremely limited. Rates are soaring with furnished and serviced accommodation options in high demand and bookings are typically being made in excess of 30+ days. Special requests - such as pet-friendly rentals - are becoming even harder to accommodate.
In the current market, with the assistance of a relocation consultant, it appears to be taking approx 3 weeks to secure a property. Meaning that people that were previously entitled to 14 nights of accommodation, may need to extend this to 3 weeks or even more. Extensions are harder to finalise when the guest has already checked-in, as providers will then look to fill the rooms around bookings that are confirmed. So, at times, they may not be able to extend.
Whilst everyone has a ‘wish list’ for the type of accommodation they are hoping to stay in for their allocated allowance, it’s not always possible to source an exact match. EWR has a vast array of suppliers that we have great personal relationships with. Whilst we always endeavour ro tick as many ‘wishlist’ items as possible, at times we might not be able to produce the magical unicorn.
What to expect for temporary accommodation into Q2 and beyond?
April has seen many of the same challenges, with the start of the school holidays and the Sydney Royal Easter Show putting a noticeable strain on the Sydney market. As the cooler months approach and with the beginning of the snow season up ahead, rates in some cities are likely to fluctuate. The coming months also coincide with the start of the Northern hemisphere’s summer break, so potentially a further uptick in international travellers can also be expected.
Our Advice?
Where possible, allow sufficient time for us to source and secure furnished accommodation for you.
If your dates are at all flexible, be sure to let us know as this might allow more/better options.
When reviewing options and areas that you wish to stay in, please keep in mind that when options are presented no rooms are on hold/secure, so time is of the essence.
Err on the side of caution with the length of bookings and work with a trusted short term accommodation specialist who can help guide you through.
Consider your wish list and decide what is a “must have” (child-friendly) vs a “nice to have” (harbour views).
Looking to source short-term accommodation in the coming months? Give Cherie and the expert team at EWR a call and let them help make your client’s move EASIER.
