Affordability in Perth’s rental market on the up – Vacancy rates down

There’s more great news for leasers as a further increase in rental affordability has opened up the market to segment that, for the last few years has not been able to afford to rent on their own.

Demand On The Rise For One and Two Bedroom Properties

Recent data has revealed a surge in the leasing of one to three bedroom properties as Perth tenants take advantage of improved affordability across the rental market.

Reiwa.com figures show that the leasing of one bedroom properties increased by 50 per cent in the March quarter, while two and three bedroom properties increased by 18 per cent – excellent news if your property has been vacate for some time.

Four and five bedroom properties experienced a small decline, leading analysts to determine that tenants previously living in shared accommodation are now able to afford to rent on their own, resulting in a shift to smaller households.

Vacancy Rate On The Decrease

In a real positive turn in the market, the vacancy rate has come down to 5.6 per cent in the March quarter from six per cent in the December quarter as the total volume of leased properties in the Perth metro area increased by whopping 17 per cent.

What Suburbs Are Leasing Well

Nearly half of Perth’s sub-regions maintained a stable overall median rent in the March quarter, while mixed results were seen for average leasing days across the metro area.

Perth City, Fremantle and Western Suburbs sub-regions experienced the highest average leasing days, while on average it took longer to lease a property in Joondalup South, Wanneroo North West and Wanneroo South.