After a 4-week break so you could catch up on the Commonwealth Games, Home in WA finally returns in Episode 7, with some advice for renters on how you can increase your success rate in this challenging rental market.
Home in WA airs weekends on Channel 7. But don’t worry if you missed this last episode. We have it right here, along with a full summary!
What’s happening in the WA rental market?
There are many reasons why people across WA choose to rent their homes. Affordability is often a key factor, along with the constant relocation of many of the local and national workforce. In the context of a strong property market, the demand for rental housing has never been higher.
With the supply of rental properties lower than the demand, the challenges tenants face in securing a lease can sometimes be overwhelming. It’s commonplace to see long lines of prospective tenants and large stacks of applications for many properties.
In this episode of Home in WA, host Jon Williams sat down with Linda Trpchev to help put all of this into perspective, and to offer some advice to renters.
Q: So Linda, what's happening in the current rental market in Perth?
A: Well Jon, vacancy factor is at its all-time low. And in my career, I don't think I've ever seen anything like this previously. We have a huge number of tenants looking for properties, and not enough properties to lease. And of course, since the borders have opened, we've seen a huge influx of overseas investors coming into WA.
Q: So given the current demand, how can tenants be in the best position to secure a home?
A: Most tenancies are now online applications. Most agencies will only accept applications online. So it's really important for a tenant to be prepared when they're lodging their application, and to have all their documents ready. Because once you're competing with 30 or 40 applicants, if we have to go back and ask you for another document, you may miss the boat. So it's very important to have everything ready when you're applying.
Over the next four years, it is predicted that WA will face a shortage of about 20,000 homes. While the building industry struggles to keep up with demand, it seems the pressure on tenants is not going away any time soon.