Key Highlights: Perth Rental Market Trends • August rental vacancy rates rose by 1.4%, marking a significant increase from July by 0.7%. • Experts found vacancy rates have exceeded 1% since July 2022 for the first time. • The rental market has been challenging due to strong demand and limited supply, leading to record low vacancy rates and rising rent prices. • Recent signs of moderation include stabilising median rents, increasing supply, and properties taking longer to lease. • Future relief is expected as vacancy rates are expected to decrease throughout the year. • The current rate of 1.4% indicates a constrained rental market, lower than REIWA’s balanced market range of 2.5% to 3.5%. • The objective of brokers is to assist investors in making informed decisions by providing them with relevant information and keeping them informed about local dynamics.

 

Perth rental vacancy is on fire. August has seen the rates rise by 1.4%, marking a significant increase from July by 0.7%.

 

Experts have found that vacancy rates have exceeded 1% since July 2022 for the first time.  

Challenging rental market begins to moderate

We have spoken this earlier too that Perth’s property market has seen significant growth because of the strong demand and limited supply.  

 

The same has been observed in the rental market too. Due to strong demand and limited supply there’s a record low vacancy rates and rising rentals.

 

According to the market experts the rental market has been challenging for several years with strong demand and declining supply leading to record low vacancy rates and rising rent prices. 

 

A point that you may have missed is that the market has shown signs of moderation recently, with median rents stabilising, supply gradually increasing, and properties taking longer to lease. 

Future Relief Are Expected In Future

We believe that vacancy rates will ease in the coming months.

The vacancy rate has now reflected these changes, and we anticipate that it will continue to decrease throughout the year.

 

The current rate of 1.4%, despite the increase, continues to indicate a constrained rental market, which is significantly lower than REIWA’s balanced market range of 2.5% to 3.5%.

 

It will take a consistent improvement for the market to achieve equilibrium.

Having a Market Knowledge Is A Key

Brokers must provide their clients with effective guidance, as the rental market conditions in Perth can vary significantly from one suburb to another.

 

Property proprietors should collaborate closely with their property managers to acquire insights that are unique to their region.

 

Brokers must remain informed about local dynamics to provide investors with valuable advice and assist clients in making well-informed decisions in a changing environment as the market evolves.

So if you still fail to understand the market dynamic, visit ASK Financials. We are here to guide you through every step and stone of the market for the right investment decision.

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