The Perth rental market’s vacancy rate has dropped to 0.96 per cent, which is the lowest it has been since March 2008, the lowest it has been in 13 years.
REIWA President Damian Collins said a vacancy rate around three per cent is generally considered to create a good balance between supply and demand.
“With rental listings in Perth falling eight per cent to 2,926 over the month, we have certainly hit a rental crisis,” he said.
“The vacancy rate has remained below three per cent for 21 consecutive months, which has ensured rents generally started to stabilise after the post mining boom downturn,” Mr Collins said. “However, with it now sitting below two per cent, we are starting to see the impacts of limited stock, and it is only a matter of time before rents rise.
In some areas, agents are reporting rents are already on the move up. “We are also seeing vacancy rates decline in the regions, with some areas experiencing a vacancy rate lower than Perth, such as Albany and Kalgoorlie which are now at 0.9 per cent.”