Supply and demand across Western Australia have fallen into line, according to the Real Estate Institute of Western Australia (REIWA).
The vacancy rate for rental accommodation in Perth has climbed to 3.2 per cent, up from a tight 1.9 per cent at the end of last year.
There are now more than 4,000 properties available for lease in the metropolitan area.
Despite the shift in supply and demand, however, the preliminary data by REIWA suggests there seems to be no significant impact on median rents at this stage. House rents are stable, while flats and units have lifted by a modest $5 per week.
The median rent across Perth is now around $475 per week, but for multi-residential property it's closer to $455 per week.
According to David Airey, president of REIWA, the need for affordable housing has placed pressure on the rental market.
“We still have strong population growth and the overall cost of living in Perth is higher than on the east coast, so many people still need access to affordable housing and this seems to be placing greater demand on flats, units, apartments and villas,” he said.