Perth weekly rents rise to $480 for houses and $450 for units: REIWA

Perth’s median rent increased to $470 per week during the March quarter, a rise of 4.4%, despite the vacancy rate easing from 1.9% in December to around 2.3% in the March quarter.

Perth's rents are now up almost 12% on the same quarter last year, the Real Estate Institute of Western Australia said.

The median rent for a house stands at $480 and at $450 per week for a unit.

The REIWA president David Airey said the latest increase was surprising given that the number of properties available for lease increased by more than 50% in the six months leading up to March.

“Equally surprising was the rise in properties for lease through the March quarter itself because this is traditionally a period of high demand that usually causes a seasonal dip in the vacancy rate,” Mr Airey said.

The lift in asking rents during the March quarter was largely due to increases for flats, units, apartments and villas.

Perth's inner-city zone - within 10kms of the CBD - remains the dominant rental market as it includes about 85% of all multi-residential property in the metropolitan area, of which half is rental property.

The central sub-region saw a rise of $30 to a weekly median of $500.

The jump in the overall median for the central region and inner city area was largely driven by the western suburbs, City of Perth, Fremantle, Bayswater, Bassendean and south- east parts of the City of Stirling such as Tuart Hill, Yokine, Mount Lawley and Dianella, Mr Airey said.

The 9% increase in leases in the inner city areas was triggering a flight to outer suburbs by many tenants looking for more affordable accommodation, the REIWA suggested noting the south-east corridor through Gosnells had a 27% increase in demand which lifted rents 6% to $420 per week.

The REIWA analysis also suggested modest increase in demand for rentals across Perth was offset by properties being freed-up by first home buyers leaving the rental system for a home of their own.