Perth’s rental market has been one of the tightest in the country for several years running. But new REIWA figures for 2026 suggest the market is edging towards a more balanced footing, even if it isn’t there yet.
For landlords, tenants and investors alike, understanding exactly how balanced conditions are becoming is essential to making good decisions this year. Below, we break down the vacancy rates, rents and listing numbers behind the shift, and what it means for you.
It’s worth being clear from the outset that “balanced” doesn’t mean the tables have turned overnight. Perth is not suddenly awash with vacant rentals, and landlords haven’t lost the upper hand. Rather, the latest REIWA figures show a market that is moving, step by step, away from the extremes of the last few years.
That distinction matters. Reading the headline vacancy figure in isolation can give a misleading impression of just how much has actually changed. To understand the real story, it helps to look at vacancy, supply and leasing activity together, which is exactly what we’ve done below.
Perth’s Vacancy Rate Is Inching Towards Balanced Territory
Perth’s rental vacancy rate sat at 2.1% in June 2026, a small increase from 2.0% in May. It’s a modest move, but it’s part of a broader pattern of gradual easing across the metro area.
For context, REIWA considers a vacancy rate of between 2.5% and 3.5% to represent a genuinely balanced rental market. At 2.1%, Perth still sits below that range, which means demand for rental homes continues to outstrip supply in most suburbs.
Still, the direction of travel matters. A market that is becoming more balanced, even slowly, is a very different proposition to one that is tightening further.
What “Balanced” Actually Means for Perth
A balanced rental market isn’t about rents falling sharply or landlords losing the upper hand. It simply means supply and demand are roughly in equilibrium, so neither tenants nor landlords hold all the negotiating power.
Perth isn’t there yet, but the gap between current conditions and a truly balanced market is narrowing compared with the extremes of the past few years.
Think of it as a spectrum rather than a switch. At one end sits a severe rental shortage, where almost nothing is available and competition for every listing is fierce. At the other end sits an oversupplied market, where landlords struggle to find tenants and rents come under downward pressure. Perth currently sits somewhere between those two extremes, but closer to the shortage end than the equilibrium point REIWA defines as truly balanced.
Understanding where the market sits on that spectrum is far more useful than fixating on a single monthly number. A single month’s vacancy reading can move for all sorts of short-term reasons, from seasonal listing patterns to one-off developments settling in a particular suburb.
Rental Supply Has Improved, But Remains Below 2025 Levels
One of the clearest indicators of a shifting market is the number of properties actually available to rent.
REIWA reported 2,231 properties available for rent across Perth at the end of July 2026. That’s a mixed picture: supply was slightly lower than four weeks earlier, but the broader trend over the past year tells a more nuanced story.
| Measure | Figure |
|---|---|
| Properties available for rent (end of July 2026) | 2,231 |
| Change over the previous 4 weeks | -0.9% |
| Change compared to the same period in 2025 | -7.0% |
| Properties leased (week ending 26 July 2026) | 554 |
| Change in leasing activity vs. same week in 2025 | -19.7% |
The drop in leasing activity is particularly telling. Fewer properties being leased each week, combined with fewer new listings coming to market, points to a rental sector that is cooling from its previous pace rather than one that has suddenly opened up.
Perth Rents Have Reached Record Highs
Even as the market shows early signs of becoming more balanced, rents themselves remain at record levels. The 12 months to June 2026 delivered a median weekly house rent of $750 and a median weekly unit rent of $700 across the Perth metropolitan area.
Here’s how rents break down by property type:
| Property Type | Median Weekly Rent |
|---|---|
| Houses (all) | $750 |
| Units (all) | $700 |
| 2-bedroom houses | $650 |
| 3-bedroom houses | $720 |
| 4-bedroom houses | $780 |
| 1-bedroom units | $620 |
| 2-bedroom units | $700 |
| 3-bedroom units | $790 |
These figures underline just how far Perth rents have climbed compared with several years ago. Even a modest step towards a more balanced market hasn’t yet translated into relief at the bottom line for tenants.
Interestingly, 3-bedroom units are now commanding higher weekly rents than equivalent 3-bedroom houses in some data sets, a reminder that unit demand in well-located areas remains particularly strong.
Is the Perth Rental Market Actually Easing?
It would be premature to call Perth a tenant’s market. But there are genuine signs that the extreme conditions of recent years are softening.
Rental listings for the week ending 26 July 2026 sat at 2,231, down from 2,399 in the same week of 2025. At the same time, the number of properties leased fell by 19.7% year-on-year for that week.
Taken together, these numbers suggest something more balanced is unfolding: both supply and the pace of leasing activity are moderating at once, rather than one side of the market surging ahead of the other.
Why This Matters More Than a Single Vacancy Figure
Vacancy rate alone doesn’t tell the whole story. When you combine a slowly rising vacancy rate with fewer leasing transactions and a shrinking pool of available listings, the picture that emerges is a market recalibrating rather than one experiencing a dramatic reversal.
For anyone trying to time a purchase, a lease renewal, or a rental listing, this nuance matters.
It’s also a reminder that Perth-wide figures only tell part of the story. Vacancy and rental demand vary considerably from suburb to suburb, and a metro-wide trend towards more balanced conditions doesn’t mean every pocket of Perth is moving at the same pace. Inner and middle-ring suburbs with strong owner-occupier demand often behave quite differently to outer suburbs with a higher proportion of investment stock. Anyone making a decision based on these figures should always weigh them against what’s actually happening in their specific suburb, not just the city-wide average.
What a More Balanced Market Means for Perth Landlords
For property investors, current conditions remain broadly supportive, even as things trend towards balanced.
Low vacancy continues to reduce the risk of extended vacancy periods between tenancies. Median rents of $750 per week for houses and $700 per week for units also provide strong rental income relative to recent history.
That said, landlords shouldn’t assume rents will keep climbing indefinitely. As the market edges closer to balanced conditions, accurate, suburb-specific pricing becomes more important than ever. A property listed above its true market value may sit vacant for longer, even in a metro area that is still comparatively tight overall.
Key considerations for landlords navigating this shifting 2026 market include:
- Current comparable rental listings in the immediate area
- Vacancy levels specific to the suburb, not just the Perth-wide average
- Property presentation and condition relative to competing listings
- Genuine tenant demand and enquiry volumes
- Rental yield relative to the property’s current market value
- The realistic potential for further rental growth
- Long-term housing supply pipelines in the local area
Working through this list with a local property manager who tracks suburb-level data day to day, rather than relying on city-wide averages alone, is often the difference between a property that leases quickly at the right price and one that sits on the market longer than it needs to.
What a More Balanced Market Means for Perth Tenants
For renters, Perth remains a competitive market, but there are small reasons for cautious optimism.
A vacancy rate of 2.1% still means relatively few vacant properties are available across the total rental pool. Well-presented, well-located homes continue to attract strong competition.
That said, the improvement in available listings compared with the tightest points of the rental cycle gives tenants slightly more room to move than they’ve had in some time. Renters may find marginally more choice, even if affordability remains the bigger, ongoing challenge.
For tenants currently searching, this is a useful moment to be proactive. Acting quickly on well-presented properties, having paperwork and references ready in advance, and being realistic about budget relative to the median rents outlined above can all make a meaningful difference in a market that, while trending towards balanced, still rewards well-prepared applicants.
Perth Rental Market Outlook for the Rest of 2026
REIWA‘s 2026 outlook points to a period of gradual stabilisation rather than a dramatic shift in either direction, following a moderation in rental growth through 2025.
The key factor to watch is whether rental supply keeps improving. If listings continue to rise while tenant demand eases, vacancy could move closer to genuinely balanced territory and rental growth could slow further still.
On the other hand, continued population growth and constrained housing supply could keep upward pressure on rents, even as other indicators trend towards balance.
For now, the clearest read is a market that is less frantic than it was at its peak, but still relatively tight by historical Perth standards.
Perth Rental Market: Key Takeaways
| Indicator | 2026 Figure |
|---|---|
| Perth vacancy rate (June 2026) | 2.1% |
| REIWA’s definition of a balanced market | 2.5%–3.5% vacancy |
| Median Perth house rent | $750 per week |
| Median Perth unit rent | $700 per week |
| Rental properties available (end of July 2026) | 2,231 |
| Annual change in rental listings | -7.0% |
| Weekly leasing activity change (YoY) | -19.7% |
Frequently Asked Questions
Is the Perth rental market becoming more balanced in 2026?
Yes, gradually. Vacancy has ticked up slightly and both leasing activity and available listings are moderating, but Perth’s vacancy rate of 2.1% remains below REIWA’s 2.5%–3.5% equilibrium range.
What is considered a balanced rental market in Perth?
REIWA defines a balanced rental market as one with a vacancy rate between 2.5% and 3.5%, where supply and demand are roughly in equilibrium and neither landlords nor tenants hold a clear advantage.
Are Perth rents likely to keep rising in 2026?
REIWA’s outlook points to more periods of rental price stability following moderation in 2025. Continued improvement in supply could slow growth further, though population growth and limited new housing may keep some upward pressure on rents.
Is now a good time to invest in a Perth rental property?
Rental demand remains relatively strong and vacancy remains low by historical standards, which continues to support investors. However, accurate, suburb-specific pricing is increasingly important as the market shifts towards more balanced conditions.
Final Word: A Market in Transition, Not Yet Balanced
Perth’s rental market in 2026 remains tight, with low vacancy, record-level rents and limited rental supply continuing to favour landlords overall. At the same time, the data points to a market gradually moving towards a more sustainable, balanced footing.
For landlords, this makes professional, suburb-specific pricing and a clear read on local conditions especially important right now. For tenants, there are early signs that availability is improving, even though competition and affordability remain real challenges.
Perth’s rental market is best described as tight but moderating, not yet a balanced market, and certainly not a rental shortage easing into a tenant’s market overnight.
Thinking of Renting Out Your Perth Property?
If you’re weighing up whether now is the right time to list your property for rent, or you simply want a current appraisal based on where your suburb sits within this shifting, more balanced market, the team at Holdsworth Real Estate can help. Get in touch for a tailored rental appraisal and honest advice on pricing your property correctly in today’s Perth market.
