Perth Property Market Rental Trends June 2024
As a rental property owner or manager in Perth, understanding the dynamics of the Perth property rental market will inform your decisions and boost your return on investment to the fullest extent.
In our monthly Perth property market rental review for June and early July 2024, we’ll walk you through the key insights and trends in the Perth property market so you can strategise like a true expert.
Number of Perth Property Market Listings and Rentals
In the Perth property market, 444 houses and 200 units were rented out during the first week of July, and 1,858 houses and 739 units were available for rent, showcasing a good balance between supply and demand.
Median Prices in the Perth Rental Market
Looking at the data for the 12 months ending in June, the median prices for 2-bedroom houses, 3-bedroom houses, and 4-bedroom houses are $550, $620, and $700 per week, respectively.
As for units, 1-bedroom, 2-bedroom units, and 3-bedroom units have averaged $520, $600, and $680 per week up to June, respectively.
For the week ending on the 30th of June, the top rental suburbs were Perth(32), East Perth (22), Maylands (18), Baldivis (15), and Scarborough (14).
Perth Rental Prices and Median Days
Perth rental prices are steadily increasing. Median weekly rental prices have reached $650 for houses and $600 for units per week in June. It took an average of 16 days to rent a property, which has more or less been the case for a while.
For context, rental prices have increased from $600 for houses and $550 for units per week in January 2024 to $650 for houses and $600 for units per week in June 2024. At the time, the number of median days from listing to rented was 15.
Accordingly, it’s evident that the rental price increase of about 10% has, expectedly, not greatly undermined the property rental market demand in Perth. We can thank higher immigration rates, lifestyle changes, and the economic growth in the Perth Metro area for that, as they accommodate for that increase.
Going back about a year ago, to July 2023, Perth properties had a median rental price of $575 for houses and $500 for units per week, with 16 median days to rent.
Once more, despite the gradual growth of rental prices, landlords leased out their properties with the same ease, which is evident in the consistency of the number of median days to rent throughout the entire year.
Conclusion
In short, the Perth property market does not disappoint when it comes to steady growth and high demand for rental properties. Regardless of the upward trend of rental prices, the number of median days has barely changed for about a year now.
The market gives an opening to Perth property owners and landlords like you, as you can adjust your pricing based on market dynamics. Contact HERE Property now for a FREE property appraisal!
