The Perth rental market has been a hot topic for a while now, with high demand and competition for rentals. There are some interesting trends emerging, however, with rents stabilising and more listings becoming available in recent months.

Rents Hold Steady

Median rent prices in Perth have remained unchanged since March, after a period of significant growth. This indicates a potential shift in the market, with renters experiencing some relief from the rapid rent increases seen earlier in the year.

More Rental Options Emerge

The number of rental properties available in Perth has been slowly increasing since February. This is positive news for renters, who may now have more choice and potentially less competition when searching for a place to live.

Leasing Times Lengthen Slightly

The time it takes to lease a property in Perth is inching upwards compared to earlier this year. While still significantly faster than historical averages, this suggests a slight moderation in renter demand.

What it Means for Renters

The intense competition for rentals that characterised the Perth market in early 2024 appears to be easing. While rents remain higher than last year, the market may be becoming less frenetic for tenants. This could mean more choice and potentially less pressure when negotiating leases.

What it Means for Landlords

Perth continues to be a good market for landlords, with rental yields remaining high. However, they may need to adjust their expectations slightly as properties may take a bit longer to lease compared to the breakneck speed of earlier this year.

The Road Ahead

It’s important to remember that the vacancy rate in Perth remains low, and the city’s population is still growing. So, while there are signs of a shift, the rental market may take some time to return to a balanced state.

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