Perth Rental Activity Rises

Activity in Perth’s rental market was up last month, with tenants shopping around for better deals. The volume of properties leased during May was up 3.3 per cent on April, new figures by the Real Estate Institute of Western Australia have shown. The volume was up 7.4 per cent compared to May last year. REIWA President Hayden Groves said the analysis pointed to Perth Tenants taking advantage of improved choice in the market to secure a lease at a more affordable price.

“It’s pleasing to see that although rental listings remain above long term averages, there is still plenty of movement in the market with leasing figures on the rise across the metropolitan area” Mr. Groves said. “With a wealthy supply of stock on the market and moderating rent prices tenants have a good opportunity to improve their living situation”. The increase in leasing activity during May was felt across most sub-regions, with just the central and south-east sub-regions missing out on higher activity volumes.

“The north-east sub-region was the stand out performer in May, lifting 16.6 per cent in April followed by the north-west sub-region which saw an 11.5 per cent increase”, Mr. Groves said. “When compared to May 2015, the south-west sub-region saw the most notable lift in listings – up 21.8 per cent on last year, followed by the north-east sub-region, up 13.5 per cent”. While the central and south-east sub-regions were down last month, leasing activity in those regions was up 2.5 per cent and 6.9 per cent respectively compared to May last year.