While December is traditionally a slow month for the rental market, Perth managed to buck the trend in 2020, with an overall increase in leasing activity.
The Real Estate Institute of Western Australia (REIWA) revealed that there were 3,655 rental properties leased induring December, an increase of 9 per cent from the previous month.
While recent months saw leasing activity decline, REIWA president Damian Collins said “it is pleasing to see in a time where we traditionally see activity slow down, that it has picked up.”
Perth’s overall median rent increased $5 to $395 per week, which is the fourth month in a row rents have increased. It’s also the highest it has been since February 2016.
Overall, Perth’s higher end of the market saw the biggest gains in terms of increase in median weekly rent, with Duncraig increasing 4 per cent to $550 and $520 per week, respectively.and
“As we see rental stock levels continue to remain low, we can expect rents to continue increasing; however, we need to remember that rents are still a lot cheaper than they were in 2014,” Mr Collins concluded.