In figures released by the Real Estate Institute of Western Australia (REIWA) recently, we see that the rental market continued to favour tenants in the September quarter.
The overall median rent price dropped $20 to $400 per week – down $50 for the year. Houses are currently sitting at $420, down $10, while units are down $5, finishing the quarter at $395 per week.
The biggest fall in overall median rent price over the quarter was felt in the Wanneroo South submarket, which declined $30 to $410 per week, followed by Belmont, which fell $25 to $400 per week, and then Stirling East, with a $20 decline to $370 per week.
REIWA Deputy President Damian Collins said that the drop-off of interstate migration into WA combined with an increase of large-scale residential developments in Perth meant that there would be some short-term impacts to rental stock figures, which were felt in the September quarter with listings sitting at 8267 and the vacancy rate rising to 5.6 per cent. Rentwest’s vacancy rate is currently 3.6%
What does this mean for you?
If your property is available for rent we have two suggestions for owners to consider:
- Market the property at the current market price.
- Lower your rent to get tenants in as fast as possible
It is better for the property to be rented at a lower price than sitting vacant for weeks. In most cases, all that is required is a slight adjustment but it is something we consider on a property-by-property basis. We will always discuss all options available to you.
What Rentwest is doing for you
While the market price remains sensitive, it’s important that you’re given enough information to make informed decisions about leasing your property. Rentwest provides this information in a handy guide. Here’s what it includes:
- A four-week marketing guide that details when, where and how we’ll market your property to potential tenants.
- Weekly market updates, providing recommendations about how to lease your property sooner. It’s crucial that we get your thoughts about these suggestions quickly, because the market is changing by the week.
You can get a copy of this guide by emailing your property manager.
Do you have any questions about the current Perth rental market or how we can lease your property sooner? Email us or call 9314 9888.