Prices of Perth rentals are still as cheap as they were five years ago and the nation’s lowest according to the Domain’s Group Quarterly Rental Report.
The Rental Report released on Thursday revealed weekly house rent bills grew 1.4 per cent during the March quarter.
Median weekly rent in Perth is now $355.
Units have stayed the same with a weekly price of $300.
Real Estate Institute of Western Australia research and economics manager, Ronak Bhimjiani, says rent has been steady for 12 months but is still lower than the peak experience in 2013, when rent was $460 a week.
Shenton Park has remained the most in-demand suburb for houses to rent followed by Floreat and Subiaco.
Nedlands, Shenton Park and Doubleview have the highest demand for apartments.
A report by Real Estate Australia found that WA property prices fell 5.7 per cent over the past year but demand for homes grew by 7 per cent.
“As far as affordability is concerned, it is a renters’ market and is an ideal time for young prospective tenants,” Mr Bhimjiani says.
“If you’re looking to rent a property there’s 8500 listings of choice in stock at the moment.”
Curtin student Courtney Leigh Shepherd currently rents a home in Harrisdale for $250 a week and says it is good value as some suburbs rent prices are much higher.
“Perth’s rent is certainly cheaper in comparison to other states but it can still be rather expensive. We rented a place in Victoria Park two years ago that was $700 a week.”
Lilli Heathwood is a renter in Armadale and agrees about the affordability of apartments around Perth.
“Perth is definitely a cheap place to rent, I pay $200 for my apartment but I’ve seen cheaper, with some apartments closer to $190,” she says.
However, Zak Rahim, also a renter in Armadale, is concerned if Perth rental prices are worth it.
“Rent here can actually get rather pricey and if it’s cheapest in Australia then maybe it’s better to be a home owner than someone renting,” he says.
Mr Bhimjiani says now is the time to apply if you are looking to rent a property.
Here are some more opinions on rental prices in Perth.