As we move into the second half of winter, rental stock levels in Perth remain critically low.
In Perth's rental market, REIWA members reported there were 2,568 properties for rent in Perth at the end of last week, which is 1 per cent down on the week prior. Last week's rental listings figure is 1.7 per cent higher than four weeks ago and 29.4 per cent higher than a year ago.
REIWA members reported 642 properties leased last week, which is 2.9 per cent lower than the previous week, 6.4 per cent lower than four weeks ago and 6.3 per cent higher than a year ago.
“There are signs of change on the horizon. According to REIWA CEO Cath Hart, the rental market is showing subtle signs of stabilisation. “Rents have been stable for several months, properties are taking longer to lease, and the number of listings is on the rise,” she noted.
Ms Hart also highlighted that although not all data reflects this shift – with the vacancy rate still near record lows – feedback from industry professionals indicates a slight easing of the previously intense conditions.
Cath Hart points out several contributing factors to this gradual change: “We’re seeing some ‘self-moderation’ of demand for rental homes as tenant household sizes increase as people avoid renting where possible, more young adults are choosing to live at home, tenants are increasingly open to sharing rentals, and new homes are finally being completed in some areas” she said.
The market continues to be pressured by strong population growth and a slow construction sector.
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