The Perth rental market has seen a decrease in vacancies since last year May 2016.Â REIWA statistics show vacancies were 11,500 and have decreased to 10,500 currently in WA.Â This compares with around 3500 in 2013. The tightening of the number of vacant properties will eventually translate to an increase in rental price per week; however we do not see this happening yet.
REIWAs President Hayden Groves said, “At a suburb level, East Perth, Perth and Scarborough in the central sub-region had the highest volume of properties leased.
REIWAs listing show the market has stabilised as no change in rentals was recorded in recent months.
Prospective tenants are still putting in offers below the advertised rental price and wanting concessions in the belief that the market is still very tight and is a buyers market. In some cases where the rents still reflected the boom years we are dropping rents to match the market. Interestingly for attractive properties, we are seeing a number of people applying for one property. Â We recently Â have Â been Â able to achieve the listed price and a good length of lease as a result of the competition between applicants.
Rentals have bottomed out and we do not expect rentals to decrease further.
There is light at the end of the tunnel from what has been a dismal WA rental market.