The Perth median rents have increased 18.2% over the year to a new record of $650pw in March 2024. Rents rose 8.3% over the first quarter of 2024.
The same reasons that property prices are rising are what is driving the rental market. Strong population growth with limited supply. With so many people moving to Perth for work with mining expansion in full swing coupled means more accommodation is needed. With WA doing such a poor job of managing its borders and restricting access during the virus period has led to labour shortages and not enough supply being able to be brough to market.
Vacancy rates have dropped to record lows of 0.4%. Until more supply is brough to market, it is unlikely that these growth figures will slow down.