Perth rental market is in short supply and tenants are suffering
Sydney Today, March 3th, Australian Eastern Time, new industry data show that the number of rental housing in Perth has fallen by 15% since the beginning of the year, and the number of houses for rent in January decreased by 24 units. The current number of houses for rent in the entire metropolitan area is only 700 sets.
This sharp decrease has increased the difficulty of renting for renters in the city, as competition for renting has intensified and it may take a long time to find a suitable house. Prospective tenants have to raise the weekly rent by 10% and have to pay rent in advance, but there are still many people who cannot find a house.
A real estate agent in Perth told a WAtoday.com.au reporter in November that due to the soaring rent prices in the city, many people cannot afford such rents, so some tenants have to live in very conditions. In bad places, some long-term renters have to move out of their rented houses.
According to a survey by the Real Estate Association of Western Australia: Perth’s current rental vacancy rate was 1.6%, compared to 2.8% at the end of last year. Although it was a little higher than in 2007, this figure does not take into account the increase in population. However, the market tightening has only increased the weekly rent of villas, townhouses, etc. by A$10, while the weekly rent for suites is still A$420.
The coastal suburbs north of Scarborough are currently in the worst situation. The vacancy rate was only 2% in February and 1.5% in the western suburbs. David Airey, the head of REIWA, said that Perth’s new population stimulated local rental demand, and new arrivals Foreign tenants are willing to pay higher rents than local tenants. As thousands of out-of-towners want to find work in Perth, this problem will get worse.
David said: “The state government must solve the most important issue of public housing.” Prime Minister Colin Barnett encouraged private developers to invest in the area, especially in residential housing. But Airey said that these developers will face many obstacles, so the local government and Western Australia's planning department should abandon the current red tape and simplify the approval process for private developers to apply for the establishment of residential buildings. (Wendy)