In recent months, the property market in Western Australia has shown signs of stabilisation after a period of rapid growth. As landlords, navigating this shift requires a strategic approach to ensure continued success in leasing properties. Here at Real Property WA, we understand the importance of staying ahead in a changing market landscape. Let’s explore expert strategies to help landlords prepare and thrive in these evolving conditions.

Understanding Current Market Trends

Recent data from reputable sources such as REIWA and Domain indicate a steady rental market in Perth. Rent prices have remained consistent since March, with houses averaging $650.00 per week and units at $600.00 per week as of June. Despite these stable prices, there has been a notable increase in rental listings since February, signalling a shift towards a more balanced market. Properties, especially those at the higher end, are taking longer to lease, with the median leasing time extending to 18 days by the end of June.

Strategic Preparation for Landlords

1. Optimising Property Appeal

With properties staying longer on the market, it’s crucial for landlords to enhance their property’s appeal to prospective tenants. This includes ensuring properties are well-maintained, clean, and staged effectively. Investing in minor upgrades or refurbishments can also make a significant difference in attracting quality tenants.

2. Competitive Pricing

Given the increased competition among rental properties, landlords should carefully review and adjust rental prices based on current market trends. While stability in rent prices is positive, it’s essential to remain competitive without compromising on profitability. Conducting regular market assessments and staying informed about comparable properties in the area can help landlords make informed pricing decisions.

3. Marketing Strategies

In a market with more inventory, effective marketing becomes paramount. Utilise professional photography, and detailed property descriptions to showcase the property’s unique features. Consider leveraging social media platforms and online rental portals to reach a broader audience of potential tenants.

4. Tenant Retention

In times of market adjustment, retaining existing tenants can be as valuable as finding new ones. Maintain open communication with tenants, promptly address maintenance issues, and consider incentives such as lease renewals at competitive rates or upgrades to encourage tenants to stay longer.

Discover the advantage of expert guidance in navigating today’s rental market changes, with Real Property WA. Whether you’re a seasoned investor or new to the market, Real Property WA encourages you to explore additional resources and insights by consulting with your Property Manager and industry specialists.

As the rental market in Perth adjusts to new dynamics, proactive landlords who adapt their strategies will be best positioned for success. By staying informed, optimising property appeal, and implementing effective marketing and pricing strategies, landlords can navigate market fluctuations and continue to achieve desirable outcomes for their rental properties. At Real Property WA, we remain committed to providing tailored advice and support to help landlords thrive in every market condition.

Successful investors build a team of experts around them for maximum success. If you’re considering hiring a property manager or feel stuck with your current one, remember that making a change can be easier than you think. If you’re seeking tailored support to maximise your investment returns, our 30 years of experience in the Perth market ensure you and your property receive dedicated, knowledgeable care. Contact Real Property WA today to elevate your property management strategy.

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Stay tuned for more updates and insights from Real Property WA as we continue to monitor and analyse the evolving property market landscape. Visit our social pages or subscribe to our monthly newsletter.