Perth Property Market Rental Trends May 2024
Market rental prices in Perth are steadily increasing across property sizes, which doesn’t undermine the demand for house/unit rentals.
If you’re a rental property owner or manager in Perth, it’s essential to grasp the dynamics of the Perth property rental market to make informed decisions and maximise your return on investment to the fullest extent.
In our monthly Perth property market rental review for May and early June 2024, we provide a rundown of the key insights and trends in the Perth property market to empower you to strategise like a true expert.
Number of Perth Property Market Listings and Rentals
In the first week of June, the Perth property market saw 407 houses and 176 units rented out. As for the supply, there were 1,775 houses and 709 units available, which demonstrates a good balance between supply and demand.
Median Prices in the Perth Rental Market
Looking at the data for the 12 months ending in May, 2-bedroom houses, 3-bedroom houses, and 4-bedroom houses have averaged $550, $620, and $700 per week, respectively.
Moving on to units, the median price for 1-bedroom units is $520 per week, while it’s $600 for 2-bedroom units and $680 for 3-bedroom units per week.
For the week ending on the 19th of May, the top rental suburbs were Perth (23), Scarborough (22), Baldivis (20), East Perth (15), and Alkimos (10).
Perth Rental Prices and Median Days
Perth rental prices are going slow and steady. In May, the median weekly rental price reached $650 for houses and $600 for units per week. The number of median days was 15, which has been the case for a while, add or subtract a day.
To elaborate, rental prices have increased from $600 for houses and $550 for units per week in December 2023 to $650 for houses and $600 for units per week. At the time, the number of median days was 15.
In other words, the increase in rental prices in less than half a year, which is about 10%, has, as one would expect, not affected the property rental market demand in Perth to a great extent. This is understandable considering the higher immigration rates, lifestyle changes, and economic growth in the Perth Metro area that accommodate the increase.
Going back further to June 2023, about a year ago, Perth had a median weekly rent of $560 for houses and $500 for units per week, with 16 median days to rent.
Again, we can see that the gradual growth of rental prices hasn’t made it more challenging for landlords to lease out their properties, as the number of median days to rent has remained mostly steady for an entire year.
Conclusion
In short, the Perth property market continues to impress us with steady growth and high demand for rental properties. Despite the upward trend of rental prices, the number of median days has remained consistent for about a year now.
The market presents an opportunity for Perth property owners and landlords to adjust their pricing based on market dynamics. Contact HERE Property now for a FREE property appraisal!
