TWO City of Wanneroo suburbs were among those to record fast leasing times during September.
REIWA president Damian Collins said it took a median of 16 days to lease a rental during September, which was the same as August.
The fastest leasing suburbs were Maddington (seven days), Tapping (eight days), Byford (nine days), Tuart Hill (nine days) and Piara Waters (nine days).
Other suburbs to record fast leasing times were Greenfields, Warnbro, Yanchep (11 days), Joondanna and Gosnells.
Rental stock levels on reiwa.com are at their lowest in 12 years, with just 1675 properties available for rent at the end of September.
The last time the levels were this low was in November 2010 with 1537 properties available for rent.
REIWA president Damian Collins said it was a challenging time for tenants, with rental supply struggling to keep up with Perth’s growing population.
“Perth’s population has increased by 20 per cent since November 2010, which highlights how low the current rental stock is,” he said.
“Construction delays and labour shortages means families are renting for longer while they wait for houses to be built, which is contributing to the tight rental market.
“We expect this pressure to ease as more new home builds reach completion, but this will take time and only free up a limited amount of stock, as some people building are living with their parents or in share housing.’’
Perth’s median rent price was $495 per week in September, which is $15 more than August.
Mr Collins said it was not surprising rents had increased given that listings were at a 12-year low.
“Unfortunately, rents will continue to rise until we see more rental properties come on to the market.”
