Over the last three years, the Perth rental market has been the best it’s ever been due to a low-vacancy rate.
With a vacancy rate of 4.5 per cent for the month of August, president of the Real Estate Institute of Western Australia (REIWA) Hayden Groves said this, among other indications, were positives signs of an improving rental market.
“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’s property market recovery.”
During August, leasing activity rose 17 per cent, with a total of 4,805 dwellings leased out over the course of the month.
“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.