Median rents in Perth are down around $50 from the peak of $475 per week in the middle of 2013, as the number of properties on the market continues to rise.
Data out from the Real Estate Institute of WA today showed 4.9 per cent of Perth rental properties were empty, the highest vacancy rate in six years.
Reiwa said there were 8,147 homes available to rent in the metropolitan area, with the excess of properties pushing the median rent down to $425/week, down $25/week on the same time last year.
“The long-term equilibrium vacancy rate is 3 per cent, so the current situation means there are more than 50 per cent more properties on the market than is usual,” Reiwa president David Airey said.
He said landlords needed to concentrate on presentation and price to ensure properties were leased.
“Owners need to be realistic about the current market in order to attract and maintain good tenants,” Mr Airey said.