As Perth’s median rent rose to a record $535 per week in February and vacancy rates are below 1%, REIWA CEO Cath Hart said WA needed 18,000 – 20,000 new rental properties to return to a balanced market.
Does this mean that every vacant property is suitable as a rental property? Definitely not! The legislative responsibilities imposed on lessors in regards to smoke alarms, lighting, door and window locks amongst other things may preclude your property from being suitable. But with some time and effort, an owner may be able to transform an empty property into an income stream.
