Perth's gangbusters rental market continues

01 Nov 2023

Perth continues to experience an unprecedented surge in rental demand, with exceptionally low vacancy rates and nearly double-digit growth in many suburbs. The city's property market is on the upswing due to significant net migration, leading even those who intended to rent to consider purchasing a property…

It’s quite unbelievable to think that people are being forced into buying a property for no other reason than simply because finding rental is near on impossible.

Sentiment among home owners is on the rise, benefiting from excellent rental yields and increasing equity in their properties, people feel confident in their homeownership and  as more buyers enter the market, and with sluggish building approvals expected to persist, the demand from both investors and owner-occupiers is likely to continue for an extended period.

Rental difficulties persist in Australia as a whole but the situation is particularly pronounced here in Perth area, where NINE of the top ten most sought-after suburbs in Australia, are located within out metro area.

Some of these suburbs have been receiving as many as 160 inquiries per property!



Our Leasing Agent Leanne Tilford says she’s doesn’t things slowng down in the next 12 months…

“People are lining up for hours to view properties with  dozens of applications for a single property; and if you’ve got pets, children, or have a single income – prepare to pay overs”.

“To jump ahead of the rest…… always supply the correct up to date contact details for your referees, and chase them to make sure that they respond to our requests
“With so many people applying for the same property, make sure that your application is processed fast….. supply all the requested, correct information to ensure that your application is not last!

All eye on the West and migration soars…

Population growth in Western Australia, particularly in the rental market, is also driven by a robust influx of new residents, who are more likely to rent than purchase. Western Australia's population increased by 2.8% in the 12 months leading up to March 2023!  

The increased demand for rentals has a direct impact on the property market, with potential buyers eagerly seeking their next opportunity. Nationally, the number of inquiries per property listing for sale increased by 14.1% year-on-year in September, though it remains below the record levels seen in late 2021. In contrast, Perth has experienced a significant 93.9% year-on-year increase in inquiries per property listing, reaching record levels, reflecting both strong demand and a shortage of properties available for sale.

These statistics only account for properties officially listed for sale, as many investors are now opting to purchase through off-market transactions facilitated by buyers' agents. Investors are attracted to the market due to attractive rental income, even with rising property prices, thanks to fantastic yields – some clients are enjoying returns of 11% to 12%.


Here are some tips to consider in preperation. Remember, your application serves as your rental "resume" so it's essential to compile a set of documents to submit with your application. This should include a copy of your identification, such as a driver's license or proof of age card or whatever else is stated in the terms. 

References When it comes to references, it's advisable to plan ahead. Approach individuals whom you intend to nominate for a written reference and attach these references to your application. Make sure your referees are aware of your choice, so they are prepared when the property manager contacts them.

Document Presentation The presentation of your application holds significance, even in electronic format. Ensure that all documents are neatly scanned and oriented correctly. This way, when the property manager opens the document, they can easily read the content.  Of course, you won't be judged on this, but when thousands of applications are being reviewed, having yours stand out as "organised" suggests you are serious. 

Cover Letter Consider including a brief cover letter with your application. It demonstrates your enthusiasm and willingness to go the extra mile, setting you apart from the average applicant. Be sure to highlight the reasons that make you a strong tenant and emphasize how you are a suitable fit for the property.

Tell the agent about your furry friends 
For those with pets, creating a Pet Resume can be beneficial for the property manager. This should include a concise written summary of your pet's nature, personality, and appearance, along with references from individuals who have lived with your pet. Additionally, provide the necessary documentation to prove that your pet is microchipped and registered under your name.


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