Rents on the rise in Sydney

Residential rents in Sydney increased by as much as 5.5 per cent over the last 12 months. Figures from the Real Estate Institute of NSW show the vacancy rate fell to 2.1 per cent in Sydney, down 0.3 percentage points on February last year and 1.3 on February 2004. The middle ring of Sydney was hit hardest, with vacancy rates falling from 2.3 per cent in January to 1.7 per cent.