Perth rental market update – June 2016
New information released by the Real Estate Institute of WA (REIWA) in May announced increased leasing of one- to three-bedroom properties during the March quarter.
One-bedroom leased properties had increased by 50 per cent in the March quarter, while two- and three-bedroom properties had increased by 18 per cent.
REIWA President Hayden Groves said that affordability led to the spike in leasings. Affordability in Perths rental market has improved over the last 18 months; tenants who may have been living in shared accommodation are now finding that they can afford to move out on their own, which is why were seeing this shift to smaller households, Mr Groves said.
At a sub-regional level, nearly half of Perths sub-regions maintained a stable overall median rent in the March quarter, while there were mixed results for average leasing days across the metro area.
The biggest improvement in average leasing days was felt in the Perth City, Fremantle and Western Suburbs sub-regions, while on average it took longer to lease a property in Joondalup South, Wanneroo North West and Wanneroo South in the March quarter than it did in the December 2015 quarter, Mr Groves said.