Following a lengthy period of falling rents and sharply rising vacancy rates, early signs are now emerging that the Perth rental market may be steadying.
Latest Domain data reports that the median asking rent for a Perth house over April remained at $360 per week, the same as reported over the previous month. Although steady over the month, Perth house rents are 10.0 per cent lower than recorded over April 2016.
Median asking rents for units were also steady at $300 per week over the month but similar to house rents have fallen sharply over the past year – down by 14.3 per cent.
Similar to rents, Perth vacancy rates have also stabilised over April at 3.9 per cent for houses and for units down from 4.2 percent recorded over March to 4.1 per cent. Total vacancy rates for both houses and units combined fell to 3.9 per cent over the month which was the lowest result since March 2016.
Although rents and vacancy rates have steadied over the past month, Perth remains the most tenant-friendly mainland capital with relatively low rents and a wide choice of available homes. By contrast, vacancy rates in most other capitals are generally tight and tightening for both houses and units.
Sydney remains the most expensive capital for tenants with a median asking weekly rent over April of $550 for both units and houses. This is an increase of 3.8 per cent for each over the past year and 52.8 per cent higher than Perth for houses and remarkably 83.3 per cent higher for units.
For more information on property management contact Ron Padua on 0404 428 843 or email bdm@pmmetro.com.au