Western Australia's Rental Market Overcrowded, Real Estate Agencies Breaking Records

Western Australia’s rental market is so overcrowded that real estate agencies are smashing open home records, while desperate parents are turning to secondhand caravans just to keep a roof over their family’s heads. Perth’s vacancy rate sits at an “extremely tight” 0.7 per cent and has been below 1 per cent since August last year. A vacancy rate of between 2.5 and 3.5 per cent is considered by industry experts to represent a balanced market.

The dire situation for renters was on full display at the weekend, when more than 104 individual groups toured a “stock standard” two-bedroom, one-bathroom unit in Joondalup, in Perth’s north. It was an agency record for LJ Hooker Joondalup, residential sales representative John Fogarty told 7NEWS.com.au, with eager punters forming a snaking queue 30 minutes before the home was set to be opened. Even priced at $480 per week, Fogarty said people — including families who require more space — are willing to pay because they are desperate to land a home

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Australia's increasingly dire rental market: A snapshot in five chartsExperts predict rents will continue to climb in many parts of the country as supply of rental properties across the nation hits ten-year low.
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Temporary migrants ‘exacerbating’ challenges in the rental marketREA Group Economic Research’s Executive Manager Cameron Kusher says temporary migrants are exacerbating the challenges in the rental market. “Most of the people that come into the country don’t own a home, most of the people that migrate to Australia are temporarily here,” he told Sky News Business Editor Ross Greenwood.
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