Perth is a unique place that offers a remarkable mix of stunning landscapes with beaches and lakesides, in addition to being the capital of the state of Western Australia. All of these attributes, as well as many other factors, play a part in rentals in Perth that one cannot ignore.
Both the Perth property market and the rental market in Perth over the last decades has shown strong growth, which is good news for rental property owners. Since 2019, the city experienced a significant boom in the rental market backed by several trends that are still playing out well today. There is a market for all kinds of renters—those looking for cheap apartments for rent in Perth and those with a bigger budget looking for houses.
According to multiple market reports, the short-term travel boom to the region has also opened up the city and contributed significantly to a high number of residents.
Types of Units That Rent Best in Perth
Anyone familiar with the city of Perth and our Perth renting guide knows there are excellent properties for rent. This fact is based on the various ratings and inspection reports provided by different stakeholders in the city’s real estate market.
That said, the following are some of the type of units that tend to do well in Perth:
1. Conventional or Standard Apartment Units
Most people often ask how an apartment differs from a typical house in Perth. When it comes down to it, an apartment can be defined as a rented living space located within a residential building, which is what sets it apart from your standard condominium or household in Perth.
In most cases, you will find several apartment units in one or more residential complexes, with many of them having one or more rooms, which is ideal for individuals and families alike.
There is also the studio apartment, which is another highly sought-after unit that is ideal for singles and students. It is basically one space that serves as the dining room, bedroom, and living room.
2. Serviced Apartments
Serviced apartments tend to be quite popular in the city of Perth. This is because they typically have all the basic amenities associated with your standard apartment, but the landlord or property manager still offers a variety of services and other facilities to residents. This could be anything from repairs, maid services, scheduled cleaning services, laundry, and many other perks one can enjoy. It is usually ideal for those looking to get additional services, more space, better utilities, and privacy when renting an apartment, regardless of the duration.
3. Detached or Standalone Units
A detached house can be defined as a standard or free-standing home that has parking, a private patio, and a small garden. It can be single story or have multiple stories, and depending on where it is in Perth, it can have additional elements like a pool, private garage, a fence, and a driveway. These are ideal for families or individuals who prefer the privacy that a single home can afford.
4. Room Rental Units
Room rental units tend to be smaller than houses or apartments–the reason for this is that they only consist of one room that is very much similar to a studio apartment. Like with any residential space for rent in Perth, renting out a room doesn’t mean you forfeit certain amenities like privacy, electricity, water, and parking. The basic idea behind such units is to cater to the singles market who cannot necessarily afford or do not want to live in a studio apartment in Perth. It tends to be the perfect choice for students, especially those who are just starting out and have a limited budget.
5. Villas
A villa in the city of Perth can be compared to an apartment or a detached house, with the major difference being its facilities and amenities, which are usually of a higher standard. For instance, it may have a surrounding garden, pool, and other resort-like features, like a spa or jacuzzi.
In Summary
One could easily say that there has been significant growth in the rental market in Perth that is set to continue in the coming years which will impact how rent is calculated in Perth. Low mortgage rates and government incentive programs will surely benefit both renters and investors eager to capitalise on market opportunities. Rental prices and mortgage obligations will also most likely change in the future as the market continues to evolve.
