Executive rents hit west

Caporn Young Estate Agents is predicting a famine of rental properties at the upper end of the Perth property market next month, with some tenants already offering to pay at least $70 more a week than the listed price. James Heath, business development manager of leasing at Caporn Young, said many leases started and finished in January, especially in the western suburbs.

"Caporn Young is finding a larger number have already renewed their leases well in advance, which means the supply of new rental properties coming on to the market in January will be limited," Mr Heath said. "At the same time, the company is recording a surge in inquires from professionals wanting to move to Perth during January and secure a rental property before their families arrive.

"This rising demand and falling supply will mean even greater upward pressure on weekly rents for executive homes in Perth early next year." The latest REIWA figures show median weekly rents for properties in the western suburbs jumped by 11.1 per cent in the year to September.

Caporn Young has recorded even stronger rises. For example, a home leased at $1300 a week this time last year achieved $1450 a week six months ago, and now would fetch a weekly rent of $1600, Mr Heath said. This represents a jump in the average weekly rent of more than 20 per cent during the past year.

Toni Chase offered $70 a week above the listed price for a three bedroom home in Mt Claremont. "I'd missed out on a lot of homes before this one, more than 10, and didn't want to miss out again," Ms Chase said. She now pays $820 a week for a duplex. "It's a lot, but it's close to work and my daughter's school." she said.

Urban Development Industry Association executive director Debra Goostrey said: "People who rent in central areas may spend more on rent, but they're not spending much on transport - it's also about lifestyle." Thomas Stevenson and his girlfriend Sandra McKernan offered to pay $10 more a week for the one bedroom furnished unit in Northbridge they rent for $560.

The 28-year-old sales technician said he had been to about 30 viewings in four weeks since he'd moved to Perth and didn't want to miss out again, especially after seeing about 15 people at the viewing of the Money St unit. "I'd seen a lot worse for the money, too," he said. "I love Perth." the Scot said. "The only downside is the property market."

Mr Heath said a good tip for renters was to ask the leasing agent what terms would best suit the owner and then seek to meet those conditions. If the tenants' terms were too complicated for owners, they were being overlooked because landlords were receiving multiple applications, he said.