Record-High Rent Soars in Perth, Unprecedented Increases Leave Renters Struggling, Australia

Rent in every part of metropolitan Perth has reached a record high, with some areas experiencing hikes of more than 15 percent last year, according to a new report from CoreLogic. The median rent in Perth now stands at $630, surpassing the national average rent of $601. The north-eastern corridor of the city saw the biggest increase in Australia, with rents jumping 15.7 percent to $622 per week. Perth’s south-east metro followed closely behind with a 15.6 percent increase, bringing the weekly rent to $623. Meanwhile, the inner suburbs rose by 11.6 percent to $773, the north-western corridor increased by 12.8 percent to $651, and the south-western suburbs saw a 12.5 percent increase to $617. Although Sydney and Canberra still have higher rents, Perth’s rate of rental increases is accelerating, with a rise of 13.4 percent in 2023 and 11 percent in 2022. The demand and supply imbalance of rental properties in Perth is likely to continue causing difficulties for renters. Only the resource-rich North West region of Western Australia remains below its previous peak, with weekly rents of $862 about 25 percent cheaper than 2011 prices.