Perth Property Market Rental Trends August 2024
Rental property management in Perth requires an understanding of the dynamics of the Perth property rental market. This way, you can make informed decisions for your rental business and maximise your return on investment.
In our monthly Perth property market rental review for August and early September 2024, we will provide you with the key insights and trends that shape the market to enable you to determine the best investment strategies for your rental properties moving forward.
Number of Perth Property Market Listings and Rentals
In August, the Perth property market witnessed strong demand for rentals in the week ending on the first of September, with 470 houses and 214 units rented out. The current supply of houses and units is 1,547 and 643 for houses and units, respectively, reflecting a good balance between supply and demand.
Median Prices in the Perth Rental Market.
When it comes to house rentals in the 12 months leading up to August, 2-bedroom houses have averaged $550 per week, while 3-bedroom and 4-bedroom rentals hovered around $625 and $700 per week, respectively.
As for unit rentals, 1-bedroom units are currently worth $520 per week, while 2-bedroom units are worth $600 per week and 3-bedroom units are worth $695 per week.
The top rental suburbs North of the river were Perth (17), Scarborough (16) and Subiaco (11). As for the South of the river, the top rental suburbs were Baldivis (16), South Perth (16), and Rivervale (12).
Perth Rental Prices and Median Days
The rental pieces and median days to rent have remained consistent lately. In August and early September, the median weekly rental price for houses and units sat at $650 and $600 per week, respectively, and the median days were unchanged, remaining consistent at 19 days.
Going back to September 2023, the median house rent price was $585 per week, and the median unit rent price was $530 per week. Properties took about 15 days to rent.
In other words, the balance between supply and demand for rental properties is slowly being restored and the property market is gradually changing, with properties taking longer to rent. More specifically, rental prices are increasing by a consistent rate of 11% to 13%, although the higher vacancy rate and increase in the supply of rental properties may temper that growth.
However, despite the slowdown in rental price increases, the market is by no means overly saturated with rental properties. It only does not heavily favour property investors as it used to.
Conclusion
To recap, the Perth property shows a gradual increase in rental prices and a balance between supply and demand rates. The number of median days is increasing, along with the steady increase in rental prices.
As Perth property owners and landlords, you would do well to adjust your pricing based on these market dynamics. If you are unsure how to do that, contact HERE Property now for a FREE property appraisal!
