Perth rental market easing further

Perth's rental market price pressure has eased further, with the median rent falling to $450 per week according to the Real Estate Institute of WA.

The latest figures from REIWA show the median weekly rent fell by $10 in the three months to April, with the vacancy rate climbing to 4 per cent.

There are now more than 5,000 rental homes on the market in Perth, which is more than a third above usual supply levels.

Average weekly rents touched highs of $480 per week in September last year, and the vacancy rate fell as low as 1.9 per cent in late 2012. 

REIWA has previously indicated it considers a vacancy rate of 3 per cent to be the point of equilibrium.

The median weekly rent for houses in the metropolitan area currently sits at $460, with units and apartments listed at an average of $440 per week.

REIWA president David Airey attributed the shift in the market to a downturn in mining construction, slower population growth and an increase in first home buyer activity.

"Many tenants have left the rental system to buy a home of their own while interest rates are very low," he said.

Mr Airey said the falling median price should encourage landlords to ensure they are setting appropriate prices for leases.