Perth rental market recovery - REIWA

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Source: REIWA, News 11 May 2018

  • Perth’s overall median rent price is $350 per week for the March 2018 quarter.
  • Leasing volumes for the March 2018 quarter are up 4.2 percent compared to the December 2017 quarter.
  • Rental listings declined 4.5 percent during the quarter, with 8,508 listings recorded at the end of March 2018.
  • 47 days on average for landlords to find a tenant during the March quarter.

With steady rents, declining listings, improved leasing figures and faster leasing times, data for the March 2018 quarter reveals Perth’s rental market is leading the charge in Perth’s property market recovery.

REIWA President Hayden Groves said the first quarter of 2018 showed Perth’s rental market had strengthened, with improvements recorded across all key indicators.

“Perth’s rental market appears to be building on the momentum of the latter half of 2017, which is very encouraging – not just for the rental market, but also for the overall property market. Historically, the sales market follows the rental market during a recovery,” Mr Groves said.andnbsp;

Median rent prices

Perth’s overall median rent price is $350 per week for the March 2018 quarter.

Mr Groves said this was the twelfth straight month of stable rent prices, with no changes recorded since April 2017.

“All sub-regions experienced stable median prices except for the South West sub-region, which saw its overall median rent price increase $10 to $330 per week during the quarter,” Mr Groves said. data shows there was a $5 per week increase to both the median house and median unit rent during the March 2018 quarter.

The median house rent increased to $360 per week, while the median unit rent increased to $325 per week,” Mr Groves said.andnbsp;

“It bodes well for landlords that the house and unit median rents are improving simultaneously.”