Tamworth rental market remains hot but vacancy rates increase offering renters some relief

The market has been bumper to bumper for the past year, but in just the past few weeks the heat has started to cool down.

LJ Hooker director and business manager Katelyn Spokes, said the settlement of investment properties and the completion of new builds had seen an increase of about 50 properties hit the market.

But despite more properties being available, around 40 people are still fighting for the one house.

"We used to fluctuate and we'd be very quiet and then you'd be very hot, but it's definitely been consistent for a long time now. There's definitely still high demand," Ms Spokes said.

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"I can't see anything slowing down until there is enough properties to cater for the amount of people."

Prices for rentals are sitting upwards of $450 per week and more and more are slowly becoming available.

But if you're on the hunt for something smaller or more affordable, the news isn't as positive.

PRD chief operating officer Jacqui Bijnens, said while their vacancy rate had climbed above one per cent, there was still "frustration" among those trying to secure a rental at the lower end of the market.

"We're having to deal with people who are very upset and very aggravated that they aren't able to get a property," she said.

"We're not seeing it as much at the moment. People have become more aware and accepting."

Properties have been snapped up by a mixture of locals looking for a change of scenery and people moving to Tamworth for jobs.

Ms Bijnens said there had been an increase in tenants vacating properties, a trend she hadn't seen in a while.

"Early on in the year a lot of candidates just didn't want to move because they know they couldn't get something else," she said.

"Now it really tends to be more local people looking for accommodation as the supply of investment properties has reduced because of the great sale market we had in the last 12 to 18 months."

LJ Hooker leasing consultant and administration Cassie Semple, said she was still seeing the post-pandemic migration to the country.

"Most of the people I've had coming in are people moving to Tamworth, a lot of them for jobs or relocating.

"It's quite widespread, a lot are moving from Sydney but it's definitely not just the city areas. We're still seeing young couples and families wanting to relocate to the country."

But it's not all bad news if you're on the hunt for a rental.

Ms Bijnens predicts the market to cool off by the end of the year, but said this would require the the processing time of development applications to be faster.

"Developers and councils need to work together to streamline that process so more properties or higher density properties can be built," she said.

Ms Spokes said the best advice for those looking to secure a property is to register for and attend inspections and have a completed application ready to submit.

"It's just about being prepared and making sure their current rental history is clean so it doesn't jeopardise future ones. That's really where the issue lies."

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