Navigating the Perth Rental Market in 2021

In 2020, and still in 2021, a ‘rental crisis’ became apparent, as vacancies reached their lowest point in 13 years, below 1%. 

More people want a place to live, work from and to return to from abroad or interstate more than ever. 

So, how could this impact you? Want to know how to successfully navigate the Perth rental market in 2021 as a tenant or investor? 

Read more from Perth property management team at Thought Leaders Real Estate to find out. 

The conditions that created the current Perth rental crisis 

The property market well and truly had to adapt in 2020. Although faring well compared to the rest of the world, and even Australia’s eastern states, the pandemic is at the very forefront of our current Perth rental crisis. 

What are the conditions? 

The WA Government is extending the emergency tenant legislation for all residential properties in WA until March 28, 2021. 

This legislation restricts the ability of landlords evicting problematic tenants and pricing rents at current market value. 

This was welcomed to protect tenants from financial hardship and uncertainty due to the pandemic. And it’s worked well into the tenants favour, keeping a roof over many heads. 

Yet it’s also because of this that the market has tightened and become increasingly competitive. 

Expats and interstate people who once called Perth home have and are returning en masse back to Perth and back to the property market – be it buying or renting.  

What’s more? WA investor activity is down. REIWA released figures that state generally, 30% of purchased properties are by investors, whereas numbers are now sitting around 17%. 

You can start to understand the culmination of factors leading to a competitive Perth rental market. 

This is why you need professional Perth property management from the Thought Leaders in Perth real estate. 

Rental risks for tenants 

Until more adequate rental properties become available, the conditions for prospective tenants are unlikely to change dramatically any time soon. 

Let’s put it into perspective: a humble 2x1 unit in Beckenham attracted more than 800 inquiries.  

Talk to a Perth real estate agency who offers property management services to see how you can navigate and fine tune your rental application success rate. 

Rental opportunities for investors 

For landlords, the conditions for tenants are an opportunity. 

Why? Tenant competition may lead to higher rental returns. 

Are there any risks? Yes. The uncertainty of the pandemic and potential to further extend the rental moratorium could mean investors lose the ability to make ‘free market decisions.’ This is why investor activity remains lower than previous years. 

What can you do? As a tenant or landlord, have a strategy in place. Equipping yourself with the knowledge of market conditions and future forecasts is essential to cement your foot in the door. 

A helping hand in property searches and Perth property management 

Thought Leaders Real Estate are here to match the right tenant with the right property and provide guidance to tenants, investors and Perth property buyers and sellers.  

Navigating the Perth rental market in 2021 doesn’t have to be scary if you get the right advice from Thought Leaders Real Estate. 

Ready to enter or capitalise on the Perth rental market?  

Contact Thought Leaders Real Estate today to find the right property and opportunity for you.