Perth's Rental Squeeze Continues | Harcourts Newsroom

The rental squeeze in Perth continues with the number of properties available for rent falling almost 20 per cent over the past two months.

Recent data released by the Real Estate Institute of Western Australia suggests that the availability of suitable rental accommodation across Perth has fallen dramatically with 500 dwellings coming off the rental roll.

?The figures show an 18 per cent fall in the number of properties available for lease from 2,800 at the end of December to 2,300 in mid-February,? said Stuart Cox, Chief Executive Officer of real estate group, Harcourts Western Australia.

Results from the REIWA?s January survey shows the quarterly vacancy rate for the three months to January is currently sitting at 2.5 per cent, the same rate as the revised figure for the December quarter of last year.

Harcourts Western Australia?s latest figures show that the vacancy rate within their property management division was 4.2 per cent for the December 2011 quarter and 3.9 per cent for the month of January.

?The vacancy rates within Harcourts WA are sitting slightly above the state?s average this is due to our offices realising that the demand for rentals was increasing and therefore we decided to grow our portfolios to meet the increased demand, but they are still fairly low overall and have tightened since the end of last year,? Mr Cox said.

Median rents in the three months to January remained unchanged from the December quarter, with units and villas renting for around $380 per week and houses renting for about $420 per week.

?There is evidence to suggests that the vacancy rate may tighten further during this quarter, but it? is unlikely to reach the levels of the March 2007 quarter which saw the vacancy rate plummet to just 0.8 per cent,? Mr Cox continued.

Source: http://news.harcourts.net/news/perth%E2%80%99s-rental-squeeze-continues/

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