The collapse of commodity prices has sent rental vacancies in Perth to levels “almost approaching record numbers” according to the president of the Real Estate Institute of Western Australia (REISWA).
REIWA president told the ABC, “It will not be surprising to see the vacancy rate hit 5 per cent shortly, which means there are a lot of rental properties sitting empty and available for tenants.”
According to the REIWA, some 8,100 rentals are currently vacant and extra stock is flooding the market at a rate of about 150 properties a week.
This has forced rents down by up to 20 percent and Mr Airey says landlords need to adjust to these new market conditions.
» Perth rental vacancies spike as property market continues to struggle – The ABC, 25th June 2015.