While the string of rate cuts has improved the prospects for home buyers, affordability issues remain for renters as the weekly fee in Perth jumps over 60 per cent during the past three years.
In the latest RP Data Property Pulse report, analyst Tim Lawless said renters are stuck between a rock and a hard place with no end in sight.
"While housing affordability for owners is now improving due to recent interest rate cuts and to a lesser extent declines in property values, for renters affordability is likely to deteriorate even further due to strong demand for rental properties and very low vacancy rates," he said.
In Perth, the average weekly rent in October reached $391, up 60.5 per cent over the past three years and up 16 per cent over the past 12 months.
The average weekly rental rate for a house jumped 61.8 per cent over three years to $391, up from $329 in October last year, while the average weekly rent for a unit reached $409, up 62.7 per cent over the three years.
In October last year, the average rent for a unit was $365.
In Perth, the cheapest place to rent a house is in Hillman where the weekly rent is $240 while the cheapest place to rent a unit is in Rockingham at $205 per week.
Across the capital cities, vacancy rates are now at 3 per cent or below according to latest data from the Real Estate Institute of Australia.
