WA capital sees improved rental activity
Perth’s rental market saw increased activity in May, with reiwa.com data showing that the volume of properties leased during the month was up 3.3 per cent on April 2016 and 7.4 per cent when compared to May 2015.
Real Estate Institute of Western Australia (REIWA) president Hayden Groves says the analysis shows that Perth tenants are taking advantage of improved choice in the market to secure a lease at a more affordable price.
“It’s pleasing to see that although rental listings remain above long-term averages, there’s still plenty of movement in the market with leasing figures on the rise across the metropolitan area,” he says.
“With a healthy supply of stock on the market and moderating rent prices, tenants have a good opportunity to improve their living situation.”
The spike in leasing activity during the month was felt across all but two of the sub-regions.
“The northeast sub-region was the standout performer in May, lifting 16.6 per cent on April, followed by the northwest sub-region, which saw an 11.5 per cent increase,” Groves says.
“When compared to May 2015, the southwest sub-region saw the most notable lift in listings – up 21.8 per cent on last year, followed by the northeast sub-region up 13.5 per cent.”
REIWA data shows that the central sub-region and the southeast sub-region were the only submarkets to experience a decline over the month, but when compared to May 2015 leasing activity was up 2.5 and 6.9 per cent respectively.
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