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Perth’s rental market is going gangbusters, with vacancy rates at their lowest in three years.
With a vacancy rate of 4.5 per cent for the month of August, the rental market is showing some improvement, according to Hayden Groves, president of the Real Estate Institute of Western Australia (REIWA).
“What we are seeing is a steady yet healthy improvement in tenant activity,” Mr Groves said.
“Steady rents, easing supply as listings for rent continue to fall and stronger demand with more leasing activity all point to the rental market leading Perth’s property market recovery.”
During August, leasing activity rose by 17 per cent, with a total of 4,805 dwellings leased out over the course of the month.
Leederville, Glendalough and Secret Harbour were the more popular suburbs for renting, as REIWA data showed these suburbs saw the most growth in leasing activity during August.
“Leederville had more than double the amount of properties leased from July to August, with the volumes increasing by an impressive 183 per cent,” Mr Groves said.
“Typically, as we move into these warmer spring months, the property market should see an overall uplift in activity, and historically the sales market follows the rental market during a recovery.”
The median rent on Perth has seen 17 months of a consistent $350 per week, holding steady since April 2017.
Mr Grove added that he was pleased the Perth rental market was experiencing stability, resulting in both property investors and tenants’ greater certainty and confidence in the leasing sector.
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