Rents are Rising!

Just read the latest REIWA statistics and they confirm what I have been feeling in rental land - rents are heading upward.  REIWA reports the first rise in rents for twelve months, with the Perth median rental increasing by 2.7% over the last 3 months.  The average rent is now $390pw for houses and $365 for multi-residential (units).  This is great news for investors and will help to offset the interest rate rises that have occurred over the last two years.  Vacancy rates continue to fall and are down to 3.3% (note HouseSmart's vacancy rate is lower than that at 1.8% currently).  Swan area rents (such as Beechboro, Lockridge and Caversham) are up by 2.8% for the quarter to an average of $380pw for houses.