Low vacancies, flat rents: what Perth landlords need to know right now

Low vacancies, flat rents: what Perth landlords need to know right now

If you own an investment property in Perth, the numbers can look a little confusing at the moment.

On paper, it’s still a landlord’s market. REIWA’s latest figures put Perth’s rental vacancy rate at 1.7% in September 2026, well below the 2.5–3.5% range REIWA considers balanced. Yet asking rents have stopped climbing. Domain’s September quarter rent report found Perth house and unit asking rents were unchanged over the three months.

So what’s going on? And what does it mean for your rental income?

The short version: tenants have hit a ceiling

Elite Agent recently unpacked Domain’s latest rent report in Why landlords can’t fully cash in on record low vacancies. The key takeaway is that affordability, rather than supply, has become the main brake on rents. After several years of strong increases, many tenants simply can’t stretch any further, even when there aren’t many properties to choose from.

It’s worth a read for the national picture. Here, we wanted to share what we’re actually seeing across Perth’s northern coastal suburbs.

What we’re seeing on the ground

Our Growth & Partnerships Manager, Rhiannon Owen, leads RWKG’s property management team and talks to owners and tenants every day.

“It’s such an interesting time. We’re seeing owners pushing for higher rents, and the market is genuinely hard to read. If you’re a landlord, you want to know what’s going on.”

Here’s what Rhiannon and the team are noticing.

Tenants are shopping around Renters are comparing more properties before they commit. They’re weighing up price, condition and features far more carefully than they were 12 to 18 months ago.

They’re being selective A property that’s priced a little high or needs some attention can sit longer, even in a tight market. Tenants know what they want and are prepared to wait for it.

They’re willing to move suburbs “In some cases, tenants are moving into the next suburb to find a property that better suits what they want,” Rhiannon says. For an owner in Sorrento, that means your competition isn’t only the house down the street. It could be a similar home in Duncraig at a slightly lower rent.

They’re applying for several properties at once “We’re also seeing tenants put applications in on multiple properties at the same time,” Rhiannon explains. That means a strong applicant may have more than one offer to choose from, so how quickly and professionally you respond matters.

Rhiannon is upfront about where she stands.

“I want to see our owners achieve the very best rental income possible. But it’s good to be informed. It’s important for landlords to understand what tenants are expecting in the current market.”

That’s the balance in this market. Getting the best result doesn’t mean holding firm at any price, and it doesn’t mean dropping the rent at the first sign of a slow inspection. It means pricing with the market as it is today, not where it was last year.

What this means for your investment

A few things worth thinking about if your lease is coming up for renewal, or you’re about to list:

• Price to the current market. A property that’s priced right from day one usually leases faster and attracts better applicants. Every vacant week costs you rent you won’t get back.
• Presentation counts. With tenants comparing more homes, small things like a fresh clean, tidy gardens and good photos can tip the decision your way.
• Think about the tenant you already have. A reliable tenant who pays on time and looks after the property is valuable. Weigh a modest increase against the cost and risk of a vacancy.
• Know your local competition. Look at what’s actually available in your suburb and the ones around it, because that’s what tenants are looking at too.

Why a professional property manager makes the difference

When the market is this hard to read, local knowledge matters more than ever.

“That’s where having a professional property manager really makes a difference. Understanding the tenant pool, knowing where the market is sitting and having the right leasing strategy all contribute to achieving the best possible outcome for the owner.” — Rhiannon Owen

Our property management team works across North Beach, Sorrento, Marmion, Duncraig, Greenwood, Balcatta, Innaloo, Karrinyup, Scarborough and Doubleview. We track what’s leasing, what isn’t and why, so your rent is set with confidence rather than guesswork.

If you’d like to know where your property sits in today’s market, Rhiannon and the team are always happy to have a chat. Get in touch with our property management team.