Rent Prices in Perth 2024

In Perth, the current average weekly rent is approximately $690. Finding out about the price trend of the properties for rent in Perth can be a challenge for both landlords and tenants.

You may need to do a property assessment in order to determine how much your rental income or expenditure should be. At AB Realty, we specialise in helping you find the rental property or rental property investment of your dreams!

What is the Average Rent Price in Perth?

As of March 2024, the combined average rent prices for houses and other rental units stands at $710 per week, with the average all house units (2-4BR houses) at $780 and $584 for other rental units such as apartments.

According to the Guardian, the median rent in Western Australia’s capital has risen by 13.2% since 2022. This growth suggests that the rental market in Perth remains highly robust for property investors. If you’re contemplating ownership or becoming a landlord in Perth, AB Realty is here to assist you in finding the perfect investment!

Perth’s Average Rent over the Last 5 Years

The table below shows the average weekly rent paid in Perth over the last five years.

Perth has many suburbs that demand an extremely high rental price. If you own property in one of the following suburbs, you’ll be one of the highest-earning landlords in the region:

1. Dalkeith: $1,200 per week
2. Cottesloe: $1,176 per week
3. Mount Claremont: $1,117 per week
4. City Beach: $1,105 per week
5. Swanbourne: $1,092 per week

Data from Yahoo Finance.

Number of Property Listings and Rentals in Perth

According to SQM Research, from February to December 2023, the property listings for both units and houses showed varied trends. Initially, in February, there were 3,653 units and 11,499 houses listed. By June, the numbers rose to 4,825 units and 13,394 houses, indicating a peak in listings. However, as the year progressed towards December, the listings decreased to 3,876 units and 12,010 houses, suggesting a downward trend in the availability of properties for rent or purchase in Perth.

Perth Property Rental Vacancy Rates

Rental vacancy rates have shown a slight increase from February 2022 to February 2024, moving from 0.7% to 1.1%. This change occurs as more people are moving in, seeking rentals as their initial accommodation option. Despite the growing need for housing due to the influx of newcomers, the number of available rental listings has remained low since late 2020. This situation highlights the ongoing challenge of matching the demand for rentals with the available supply, especially as the population continues to expand.

Which Factors Contribute to Higher Rent?

In general, rental prices will be affected by supply and demand, population growth or decline, and Perth’s economy. Indeed, there are many factors that contribute to rental prices going up on certain properties. Below are specific factors that many property managers look for to increase rent:

• Property size: Naturally, the bigger a property is in size, the more it will cost to rent. When property managers and owners calculate property size, they include the square metres of the outdoor zones, indoor areas, parking, garden, and more.
• Location: Properties located near highly sought-after attractions and in high-demand regions will cost more to rent. For instance, a beachside property in Perth will have a higher weekly rent than a house in the suburbs.
• Number of bedrooms: The number of bedrooms on a property will cause the rental prices to go up. Market trends have indicated that the median prices are approximately $450, $500, and $575 per week for one-, two-, and three-bedroom units, respectively.
• Areas of improvement: Properties requiring many improvements will have a lower rental price. Fixing up a rental place means making things better. That includes fixing broken stuff like lights that don’t shine or windows that are cracked.
• Overall presentation: Properties will benefit, in terms of rental prices, when they have modern designs and good overall presentation. Tenants will always prefer to live in houses they find aesthetically appealing.

How Do You Determine Rent Prices in Perth?

Determining Perth rent prices can be challenging if you’re doing it on your own. At AB Realty, we offer free rental appraisals! This means that we can assess your property, examine market trends, look at similar rentals on the market, and determine how much rent you should ask for.

A rental appraisal is where a property manager, of a rental home, evaluates and indicates the amount of rental income the owner could earn, should the property be rented out. This amount is determined by the factors mentioned above, along with current real estate market trends.

Rental appraisals are the best way to maximise your rental income as a landlord!

Choose AB Realty for All Your Rental Needs

As you can see, there is a lot to consider regarding the rental prices in Perth. We suggest contacting an experienced Real Estate Agent in Perth, such as AB Realty, for all of your rental needs as a landlord or as a potential tenant.

Whether you’re looking for a rental house that suits your weekly budget, or screening for new tenants to move into your property, we have got you covered!

For landlords who are looking for property managers in Perth, we offer the following services:

• Listing and advertising your property
• Opening your property for prospective tenant viewing
• Thorough tenant screening
• Handling any tenant disputes
• Preparing documentation, including the residential tenancy agreement
• Ensuring rental payments
• Handling all tenant complaints
• Property maintenance

The team at AB Realty is here to work for you! No hassle, no stress!

FAQs

Is Perth the most expensive city in Australia for rent?

No, while Perth has very low vacancy rates, according to Domain’s June 2023 Rental Report, Sydney is the most expensive city in Australia for average rent, sitting at around $720 per week.

What is the most affordable suburb to rent property in Perth?

According to REIWA’s real estate market data, Armadale is the cheapest suburb to rent in Perth. The average weekly rent in this suburb sits at around $350.

This by no means indicates that Armadale is a bad place to live! Armadale is only 28km away from Perth and is surrounded by beautiful rolling hills. There are also two great shopping precincts in the suburb.

Can I negotiate my rent?

Yes, you can. In fact, renters are encouraged to negotiate rental agreements with their landlords in order to reach a better agreement, especially if they demand an excessive price hike. In preparation, determine the following information prior to the negotiation:

• Price of rent on similar properties in the neighbourhood.
• The average rental price increase in your suburb in the previous year.
• Consult your local tenant’s union.
• Your rental payment record, to show you’re a reliable tenant.
• A counter-offer you think that is fair for both parties, with supporting evidence.

Is it worth to invest in Perth rental market in 2024?

You can read our analysis and recommendations in our Perth Rental Crisis 2024 article.

Read our other articles for further information:

• Perth Property Market
• Perth Rental Crisis 2024
• Guide to Repairs to Rental Property

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