Perth families looking for four-bedroom homes have been hit hardest by Perth’s worsening rental crisis, suffering the highest rent rise in 12 months, according to new industry stats. It shows that
According to a PropTrack Market Insights report, rents for four-bedroom homes rose 12.2% over the past 12 months, while three-bedroom homes registered a 9.5% rise.
This comes as reiwa.com’s rental inventory levels hit a 12-year low this week, with just 1,675 properties available for rent at the end of September.
PropTrack’s latest report and REIWA data both show median home rents hit $495 in September.
According to PropTrack, the median rent for the September 2022 quarter was $420, up 6.3% year-over-year.
Meanwhile, rents rose 10% over the past year and increased 3.1% in the quarter. So, if you’re looking for rental properties in Perth, make sure you have your finances in order.
Cameron Kusher, director of economic research at PropTrack and author of the report, said very low inventory levels and population growth are proving to be a powerful cocktail for further rent growth.
“More people are coming back to Australia and most people who come back to Australia don’t have a place to live anytime soon. They need to rent,” he said.
“It is also becoming increasingly difficult for people to move from renting to owning homes, as interest rates have risen dramatically, making it harder for people to borrow as much and to finance the move. Realistically, our view is that rents will go down and down.In any case, it means they will keep going up,” he added.
In even darker news for Washington state tenants, Kusher said investor buying levels have been below average over the past five to 10 years.
“We made it difficult for investors. We charged them higher land taxes, charged higher interest rates, capped lending to investors. Ultimately, this is what happens as a result of all this — fewer investors and now we’re in a rental crisis,” he said.
https://www.perthnow.com.au/news/wa/perth-property-wa-tenants-looking-for-family-homes-hardest-hit-by-rent-hikes-climbing-122-per-cent-c-8462442 Perth properties: Washington tenants looking for family homes hit hardest by rent hikes, up 12.2%