Perth Property Market Rental Trends April 2024
If you’re managing a rental property in Perth, understanding the dynamics of the Perth property rental market is essential for you to make good decisions for your rental business and maximise your return on investment.
In our monthly Perth property market rental review for April 2024, we’ll provide you with the key insights and trends that shape up the market so you can make informed decisions.
Number of Perth Property Market Listings and Rentals
In April, the Perth property market witnessed strong demand for rentals, with 459 houses and 200 units rented out in just one week. The current supply of houses and units is 1542 and 674 for houses and units, respectively, showcasing a good balance between supply and demand.
Median Prices in the Perth Rental Market
Keeping up with the median prices in the Perth property rental market enables you to review and adjust your prices based on market trends.
When it comes to house rentals, 2-bedroom houses have averaged $650 per week, while 3-bedroom and 4-bedroom rentals hovered around $550 and $600 per week, respectively.
As for unit rentals, 1-bedroom units are currently being rented at $600 per week, while 2-bedroom units are rented at $500 per week. 3-bedroom units have claimed the spot as the highest-valued rental properties in Perth in April, reaching $672 per week.
The top rental suburbs were Baldivis, Rivervale, Maylands, East Perth, and Scarborough, followed by Perth, Como, and Byford.
Perth Rental Prices and Median Days
The rental pieces and median days to rent have shown notable fluctuations in the past few months and even years.
In late April, the median weekly rental price reached an all-time high of $650 per week, but the median days were unchanged, remaining consistent at 15 days from February to May 2024. In other words, despite the increase in rental prices from $560 per week in February to $650 in late April-May, the demand for rental properties was unaffected, particularly due to higher immigration rates, lifestyle changes, and economic growth in the Perth Metro area.
In November 2023, the median weekly rent was $550 per week, with 14 median days to rent. So, despite the 18% increase in prices, the property rental market in Perth has remained steady
Going back further to May 2023, Perth had a median weekly rent of $500, with 15 median days to rent. Again, we can see that the trending 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 remained around 14-15 days for an entire year.
Conclusion
To recap, the Perth property market has once again showcased steady growth and high demand for rental properties. The number of median days to rent has remained consistent for the past months, while the rental prices have steadily increased.
This 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!
