High levels of rental property demand are expected to continue in Western Australia as new data shows little relief for renters in the short to medium-term future.
In its inaugural National Property Management Survey, Rent.com.au reported that 100 per cent of agents surveyed across the country required more rental properties, with 67 per cent requiring up to 10 per cent more than what was in their books.
The survey found the rental market will continue to be tight in WA, New South Wales and Victoria, and that the most satisfied renters were likely to be found in Queensland and South Australia.
The report also revealed that despite a drop in waiting lists in most states, the lack of availability of rental property continues to put upward pressure on rents with 83 per cent of agents increasing the rent price over the past six months.
Over 75 per cent of agents said they believed rents would rise over the next six months with over 60 per cent expecting increases of up to 10 per cent, and 14 per cent expecting a rise of more than 10 per cent.
Meanwhile about 58 per cent of agents reported a vacancy rate of less than one per cent with 37 per cent of those having a vacancy rate of less than 0.5 per cent.
"This shows that many agents are still experiencing very low vacancy rates, but this doesn't apply to all
agents, with about a quarter stating vacancy rates greater than 2%," Rent.com.au chief executive Mark Woschnak said.
Other key findings of the Survey show that there has been a significant popularity shift from six month to 12 month leases, lease breakages were less common and about half of all properties rent within a week.
