Fall in Perth rental costs10 May 2015 by News Desk
The cost of renting a home in Western Australia has fallen and the number of available properties is rising.
Latest figures show the average weekly cost of renting in Perth has dropped $30 in the past year to $430, while the number of empty properties has risen by almost 5 per cent.
More and more Perth rentals are being left vacant as the city’s population growth falls and record low interest rates encourage tenants to become first homebuyers. The Real Estate Institute of Western Australia says vacancy rates rose to 4.4% in the first three months of this year, with over 7,000 rentals on the market.
REIWA president David Airey said that was double what would be considered a normal rate for Perth. “A big drop in Perth’s population is one of the major contributors. They’ve left their rental accommodation and that has put a lot of stock back onto the market. There has also been a lot of new places being built in the suburbs and new apartments being built in the city and we’ve ended up with a far greater supply and much reduced demand.”
Vacancy rates are expected to increase during the traditionally quiet winter months.