In January 2024, we continued to see the Perth rental market break records, with the median rent now over $600 a week which is presenting both challenges and opportunities for tenants and owners. We also see what were once undesirable suburbs in Perth push to the front of the pack for investors seeking strong rental returns.
In this blog post, we’ll look into the trends we’ve recorded in January 2024 internally, and what the start of the year has looked like in our monthly market update.
Top #3 Perth rental suburbs for tenant enquiries
Top #3 Perth rental suburbs for tenant applications
In the last 30 days, We Love Rentals recorded 952 rental enquiries and 92 tenant applications.
Rising demand for Perth rental properties
The demand for quality rental properties in Perth is predicted to continue to rise in 2024 due to factors such as population growth, employment, and lifestyle preferences. Property owners looking to keep up with this demand must ensure their rental properties are well-maintained and ready for tenants to move straight in as gone are the days of properties sitting vacant in between tenancies.
The last Corelogic report has shown that the median weekly rent in Perth has skyrocketed to $630 a week which is only behind Canberra by $20 and Sydney by $115. This increases demand for suburbs where rents are traditionally more affordable and has led to more competition when rentals in these areas become available.
Understanding the rental price trends in Perth is crucial for both property owners and tenants. Our property management team utilises comprehensive market analyses to determine optimal rental rates, ensuring that properties are priced competitively to attract quality tenants while maximising returns for owners.
Armadale: a fast-rising Perth suburb to invest in
Perth’s real estate market is continually growing, with new suburbs gaining popularity. A great example of this is Armadale, which was once considered an undesirable area to live now being one of the top investment suburb recommendations. Our property managers closely monitor these trends, understand the Perth rental market, and which suburbs tenants are looking for.
Keep an eye out for our blog next week which reveals our top suburbs for investment in Perth for 2024.
What are the next steps?
As the Perth rental market evolves, partnering with a reliable property management company is necessary for property owners looking to navigate it. Whether you’re a seasoned investor or a first-time landlord, our team is dedicated to providing great service, market insights, and a commitment to client satisfaction.