Sydney rents reach record highs as vacancy rates tighten

Sydney rents have reached record highs, with typical house rents increasing by 6.3% to $850 weekly and unit rents by 4% to $780 weekly in the June quarter. This marks the strongest quarterly increase in four years for houses and three years for units, indicating a significant tightening of the rental market despite recent government budget measures. The low vacancy rate of 1.1% continues to favor landlords, contributing to the unaffordability for many renters.