September 2026 Rental Market Update
Perth's rental vacancy rate has fallen to 1.7%, reaching its lowest level in nearly two years. According to the latest figures released by REIWA, the September result reflects continued demand for rental properties across Perth and a reduction in available rental listings.
The vacancy rate has declined over the past three months, falling from 2.2% in July to 1.9% in August before reaching 1.7% at the end of September 2026.
This marks the lowest vacancy rate recorded since November 2024 and provides an updated picture of current conditions in the Perth rental market.
What Does a 1.7% Vacancy Rate Mean?
The vacancy rate measures the percentage of rental properties available for lease at a particular time.
Generally, a vacancy rate between 2.5% and 3.5% is considered a balanced rental market, where supply and demand are relatively aligned.
At 1.7%, Perth's vacancy rate remains below this balanced range, indicating that demand for rental accommodation continues to exceed available supply.
For tenants, this can mean fewer properties to choose from and increased competition when applying for a rental.
For landlords, it reflects continued interest in rental properties, although location, presentation and appropriate pricing remain important factors in achieving a successful leasing outcome.
Perth Rental Listings Fall Below 2,000
According to REIWA, the number of properties available for rent across Perth fell below 2,000 at the end of September, the first time listings have dropped below this level since March 2026.
REIWA President Rob Mandanici noted that rental demand remains strong, with properties currently leasing in a median of approximately two weeks.
The latest figures follow a period of improving rental availability after Perth's vacancy rate reached a record low of 0.4% in March 2024.
While additional housing supply contributed to higher vacancy rates throughout 2024 and 2025, the September figures indicate that rental availability has reduced again in recent months.
What's Influencing Perth's Rental Market?
Several factors continue to influence rental supply and demand across Perth.
Property investor activity plays an important role in the availability of rental accommodation, particularly in established suburbs.
In its latest report, REIWA highlighted changes to federal taxation policies, interest rates and proposed tenancy reforms as factors that may influence investor decisions.
The organisation also noted that construction challenges, including material shortages, may affect how quickly new rental properties become available.
These factors, alongside continued demand for housing, contribute to the changing conditions of Perth's rental market.
What About Perth Rental Prices?
Despite the recent decline in vacancy rates, Perth's median house and unit rental prices have remained relatively stable over recent months.
However, rental prices are only one indicator of market conditions.
Vacancy rates, the number of available listings and average leasing times also provide valuable insight into rental demand.
For landlords, understanding these figures alongside recent leasing results in their local suburb can help when reviewing rental prices and making decisions about their investment property.
What Does This Mean for Perth Landlords?
With rental demand remaining strong, it's important for property investors to continue taking a considered approach to leasing and managing their properties.
While a low vacancy rate can create favourable leasing conditions, setting an appropriate rental price is still essential.
An asking price that is too high may result in longer vacancy periods, potentially offsetting the benefit of achieving a slightly higher weekly rent.
A professional rental appraisal considers recently leased comparable properties, local demand, property features and current market conditions to help establish a realistic rental price.
Regular rental reviews, proactive maintenance and effective property management can also contribute to the long-term performance of an investment property.
Keeping Up With Perth's Rental Market
Perth's vacancy rate reaching 1.7% highlights the importance of staying informed about local rental market conditions.
While citywide statistics provide a useful overview, rental demand and pricing can vary considerably between suburbs and property types.
At D Residential Group, we specialise in Perth property management, helping landlords understand their local rental market and make informed decisions about their investment properties.
Whether you're reviewing your current rental price or preparing to lease your property, our team can provide guidance based on current market conditions.
Contact D Residential Group today for a no-obligation rental appraisal and discover how we can help with your investment property.
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