Rents drop again, vacancies rising

Rents in Perth are dropping as vacancies increase. Picture: file image Source: News Corp Australia

REIWA president David Airey. Source: News Limited

HAPPY hump day, tenants — Perth rents have dropped again, according to the latest figures for April.

Rents dropped $10 to a median of $450 per week across the metropolitan area for the three months to April, data released today from the Real Estate Institute of WA shows.

There are now more than 5000 rental homes on the market in Perth, representing a vacancy rate of 4 per cent.

And instead of queues 20 deep at rental home inspections as was seen in 2012, For Lease signs can now be seen in suburbs across the city.

"Supply is now a third above where it might usually be and the number of properties for rent is around 56 per cent higher than the same time last year," REIWA president David Airey said.

"As a result we have seen the median rent slowly coming down over the last nine months, having dropped again around April," Mr Airey said.

The data shows the median weekly rent for a house is now $460 per week while apartments and units cost a median of $440 per week.

"This represents a drop of 2.2 per cent in the three months to April and 4.3 per cent over the last year," Mr Airey said.

Rents peaked in September last year at a median of $480 per week, although the market had been easing since early 2013.

Mr Airey attributed the shift in the market to the downturn in the mining sector, slower population growth and first homebuyer activity over the past year.

"Many tenants have left the rental system to buy a home of their own while interest rates are very low," Mr Airey said.

Mr Airey said it was important for landlords to understand the changed conditions and to talk with their property managers about setting the right price for new leases.

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