Perth rental market stays tight despite falling house prices
Perth's median rent remains at $750 a week while vacancy drops to 0.4%, and falling home prices have not eased pressure on renters.
Perth's rental market shows little relief as the median weekly rent stays at $750 and vacancy shrinks to 0.4%, according to Domain's quarterly Rent Report. Nicola Powell, chief residential economist at Domain, explains that a rise in overall housing supply is required to lower rents, yet declining house prices deter new investment. She notes that rents have risen 67% over five years while wages have not kept pace, pushing adult children to remain at home longer.
Vacancy rates have slipped from 0.5% to 0.4%, reflecting intense demand and fewer listings. Powell highlights that suburbs with abundant supply, like Mandurah, keep rents lower, whereas affluent coastal areas command higher prices. Shelter WA's Kath Snell calls the median rent unsustainable and urges a rent cap to protect renters.
Why it matters
Rising rents and low vacancy strain household budgets and limit housing options for many Western Australians.
In this story
