Perth rental market remains tight, but conditions are becoming more balanced
The Perth rental market remains competitive in 2026, although there are signs that conditions are gradually becoming less extreme for tenants.
Perth’s rental vacancy rate was 2.1% in June 2026, up slightly from 2.0% in May but below the 2.5%–3.5% range that REIWA considers a balanced rental market. This indicates that demand for rental properties continues to exceed available supply across much of the Perth metropolitan area.
At the same time, the supply of properties available for rent has improved compared with some of the most constrained periods of the rental cycle. REIWA reported 2,231 properties available for rent in Perth at the end of July 2026. This was 0.9% lower than four weeks earlier and 7.0% lower than the same period in 2025.
For renters, this means competition remains a factor, particularly for well-presented properties in popular suburbs. For property investors and landlords, the combination of low vacancy and elevated rents continues to provide relatively strong rental conditions.
Perth rental prices in 2026
Rental prices have reached record levels across the Perth metropolitan area.
The latest REIWA data, covering the 12 months to June 2026, shows a median weekly house rent of $750, while the median unit rent was $700 per week.
Typical Perth median rents include:
| Property type | Median weekly rent |
|---|---|
| Houses | $750 per week |
| Units | $700 per week |
| 2-bedroom houses | $650 per week |
| 3-bedroom houses | $720 per week |
| 4-bedroom houses | $780 per week |
| 1-bedroom units | $620 per week |
| 2-bedroom units | $700 per week |
| 3-bedroom units | $790 per week |
These figures highlight the continuing affordability challenge facing Perth tenants, with rents remaining substantially higher than they were several years ago.
Is the Perth rental market easing?
There are some signs of moderation, but it would be premature to describe Perth’s rental market as a tenant’s market.
The vacancy rate remains below the level generally associated with a balanced market, while rental listings remain below their level a year earlier. In the week ending 26 July 2026, there were 2,231 properties available for rent compared with 2,399 at the same time in 2025.
The number of properties being leased has also moderated. REIWA reported 554 properties leased during the week ending 26 July, down 19.7% compared with the same week a year earlier.
Taken together, these figures suggest that the market is moving away from the exceptionally tight conditions experienced earlier in the rental cycle. However, available rental stock remains relatively limited and vacancy is still below balanced-market levels.
What does this mean for Perth landlords and investors?
For Perth property investors, rental conditions remain supportive.
Low vacancy rates can reduce the risk of extended vacancy periods, while median rents of $750 per week for houses and $700 per week for units provide attractive rental income compared with previous years.
However, landlords should not assume that rents can continue increasing indefinitely. The gradual improvement in rental availability and signs of moderating demand suggest that accurate local market pricing is becoming increasingly important.
A property priced above its current market value may take longer to lease, even when the broader Perth rental market remains tight.
For investors, the key considerations in 2026 are likely to include:
- Current comparable rental properties
- Vacancy levels in the specific suburb
- Property presentation and condition
- Tenant demand and enquiry levels
- Local competing listings
- Rental yield relative to the property’s current value
- The potential for further rental growth
- Long-term supply of new housing in the area
What does the Perth rental market mean for tenants?
For tenants, Perth remains a competitive rental market.
A vacancy rate of 2.1% means there are still relatively few vacant properties available compared with the total rental pool.
Tenants may continue to face competition for properties that offer good value, particularly well-located homes with desirable features.
However, the increase in available listings compared with the most constrained periods of the market provides some reason for cautious optimism. Renters may find that they have slightly more choice than during the peak of the rental shortage, although affordability remains a significant challenge.
Perth rental market outlook for 2026
The Perth rental market outlook for the remainder of 2026 is one of gradual stabilisation rather than a dramatic change in direction.
REIWA’s 2026 outlook anticipated more periods of rental price stability, following a moderation in rental growth during 2025.
The major factor to watch will be whether the supply of rental properties continues to improve.
If rental listings increase significantly while tenant demand moderates, vacancy rates could move closer to balanced-market territory and rental growth could slow further. Conversely, continued population growth and limited housing supply could keep pressure on rents.
For now, the evidence points to a rental market that is less frantic than it was at its peak, but still relatively tight by historical standards.
Perth rental market: key takeaways
- Perth vacancy rate: 2.1% in June 2026.
- Balanced vacancy rate: REIWA considers 2.5%–3.5% to represent a balanced market.
- Median Perth house rent: $750 per week.
- Median Perth unit rent: $700 per week.
- Rental properties available: 2,231 at the end of July 2026.
- Rental listings were 7.0% lower than a year earlier at the end of July.
- Conditions are gradually becoming more balanced, but the market remains competitive.
- Rental growth is expected to moderate compared with the rapid increases experienced earlier in the cycle.
- Investors continue to benefit from relatively strong rental demand, but local suburb-level analysis is increasingly important.
Final word
The Perth rental market in 2026 remains tight, with low vacancy rates, record-level rents and limited rental supply continuing to support landlords and investors. However, the market is showing signs of moving towards a more sustainable balance.
For landlords, this makes professional rental pricing and an understanding of local market conditions particularly important. For tenants, there are signs that rental availability is gradually improving, although competition and affordability remain significant challenges.
The Perth rental market is therefore best described as tight but moderating — rather than either a severe rental shortage or a fully balanced market.
For information on Perth market insights. click on the REIWA link – Perth Median House Prices, Sales Volume and Rental Market Data – REIWA
