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State of the Perth rental market

Posted 14 July 2021

The thing about living in a rental is that it soon feels like home. It becomes your safe, happy place where you can relax and Netflix-binge in your trackies, without judgement. You’ve hung your fave artwork on the two allocated hooks, and bought out Woolies’ stock of 3M stick-on hooks to complete your unique home decor style.

And then comes the letter: a rent inspection is scheduled. Your zen flies out the window, along with any plans you had in the days leading up the inspection while you scrub, clean, mow and weed. Did you degrease the oven? Dust the exhaust fans? And suddenly, the place where you felt you’d never be judged is just the opposite. 😱

At many stages of your life, renting works. But there comes a time when it doesn't. Not only for the reasons they constantly bang on about, like that it’s ‘dead money’ (well, it is … check out how much money you’ve given away), but for all the flexibility renting gives you it’s also highly unstable. Your landlord might decide to increase the rent, or simply not renew your lease. How long can you be comfortable living like that?

If you find yourself wondering whether renting is still right for you, now has never been a better time to consider the alternative. Things have changed very suddenly in the Perth rental market.  According to REIWA, a healthy vacancy rate is between 2.5 and 3.5%. Right now in Perth, it’s 1%. This means the amount of properties available to rent is incredibly low. We all know what happens when there isn’t much of something that everyone wants, right? Yep, prices go up. The current median rental is $450 per week. That’s up more than $80 per week in the past 12 months (that’s $4,160 you could be spending on anything else)!

You might have seen the stories in the news of renters who have been forced out of their rental properties - their homes - because their landlord has increased the rent significantly, or simply decided to sell. With little other available properties, these renters have found themselves either renting something they don't really want at a higher price, or moving back home with mum and dad. Feels like a few step backwards, right? And this rental freight train shows no signs of slowing down.

Is this the nudge you need to consider to get out of renting for good?

We know you’ve heard it before, but you can own your own home for less than what you’re paying in rent. You might love the suburb you’re in and owning means you’ll have to move a little further afield but starting somewhere is certainly better than nowhere. The Perth property market is looking good for homeowners. REIWA experts estimated house prices will rise 15 per cent this year. It’s already halfway through 2021 and the proof is in the numbers.

It’s natural to feel a little stressed about how you’re going to pay for your new home but if you’re managing your rent payments, you can manage paying off your own home. Now that’s not dead money, that’s an investment. Why not have a little look at what you could borrow?

Think about how life could be.🤔 No more landlords hiking up the rent, no more stick-on hooks, no more changing addresses every few years. No more strangers walking through your home judging you on a participle of a particle of dust every few months. It’s time to relax in a house that’s truly your home. For good. Namaste, homeowner.

Would you like to know if building is an option for you? Our Easystart consultants can help you find out. We promise there’s no obligations and definitely no pushy sales people. Just genuine advice and all the info you need to make the decision that’s best for you. Fill out the form below and we’ll be in touch. 👋

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