PERTH RENTAL MARKET BRACES FOR SHOCK!

Hunting for a rental property in WA’s tightest market in 40 years isn’t easy. Of all the private rental properties, a mere 0.9 per cent were vacant in January. According to the Real Estate Institute of WA. It has resulted in intense competition.

Renters across the state are growing increasingly anxious. There is just one month until the COVID-19 emergency period for residential tenancies ends.

On March 30, 2020, the WA government imposed a moratorium on most rental evictions and price increases. This meant freezing the normal gyrations of the property market to help those financially impacted by COVID-19.

But on March 29, ordinary tenancy laws will apply again, sending a sudden shock through the state. Analysts expect this will see prices increase by as much as 20 per cent and thousands of tenants face increased rental stress, eviction and even homelessness.

The moratorium has already been extended once and a state government spokesman confirmed there were “no plans to extend the moratorium” for a second time.

If you have a property that needs leasing, please call us today to discuss how not only how we can help get your property leased but also save you in management fees with our flat fee offer. Our leasing team are urgently looking for more rentals, they have quality tenants who missed out and still actively looking.

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