State of the rental market – October 2014

RP Data released their Quarterly Rental Review earlier this month. Here is a quick overview of the info you need to know.

Houses in Perth
Median rent: $462
Quarterly change: -2.7%
Year-to-date change: -3.8%

Units in Perth
Median rent: $450
Quarterly change: 0.0%
Year-to-date change: -1.1%

RP Data Key Points
After experiencing strong rental growth over the past five years, the Perth rental market is starting to experience some weaker performance.
 
Over the year ending September 2014, Perth houses with five or more bedrooms have seen a sharp fall in rents (-13.3 percent), while rental falls for four-bedroom houses (-5.7 per cent) and three-bedroom houses (-2.2 per cent) are much more
moderate in comparison.
 
Over the 12 months to September 2014 South West Metropolitan units were the only region where rents rose, up 2.4 per cent over the year to $430 per week. Apart from East Metropolitan houses, where rents remained at $450 per week over the year, all other regions recorded a decline in advertised rental rates. “
 
Visit the RP Data website to read the report in full.