Try finding a place to rent in Perth right now and you’ll see what everyone’s talking about. Open homes packed out, applications in within the hour and landlords fielding more offers than they know what to do with. Property agents Perth are seeing unprecedented demand as the rental market in 2026 reaches levels we haven’t seen before.
If you own or rent a property in the inner south, you’re feeling it more than most. Bourkes manages properties across Como, South Perth and Rivervale every day, so we’re right in the middle of the market and seeing these changes firsthand.
We wanted to pull together what’s actually happening this year, in plain terms, and what it means depending on which side of the rental equation you’re on. Here’s what landlords and tenants in our patch of Perth should know.
A Vacancy Rate That Keeps Tightening
According to SQM Research, Perth’s metro vacancy rate sat at just 0.6% in January 2026, among the tightest of any capital city in the country. A healthy, balanced rental market usually runs somewhere between 2% and 3%, so a figure well under 1% gives some sense of how little choice tenants currently have.
The picture is even tighter closer to the CBD. REIWA data shows inner Perth suburbs, including those in the inner south, consistently recording vacancy rates below the metro average. For landlords, this scarcity of supply is one of the main forces keeping rents at record levels. For tenants, it means acting quickly and coming prepared is now essential.
Rents Sitting at All-Time Highs
Both houses and units have pushed through to fresh records this year.
- Median weekly rent for houses has reached $700, an all-time high for Perth.
- Median weekly rent for units has climbed to $650, also a record.
What makes this stretch of the cycle different from previous rental booms is how broad the growth has been. It isn’t just houses driving the market anymore. Units, which have historically lagged behind, are now closing the gap and pulling in strong demand of their own, particularly in suburbs close to hospitals, universities and the river.
Why the Unit Market Is Surging in Como and Rivervale
Como and Rivervale sit right in the middle of several overlapping pockets of tenant demand, which explains why unit rents in these suburbs have held up so strongly.
- Young professionals working in or near the CBD, drawn to the short commute and lifestyle on offer along the river.
- Students attending Curtin University and UWA, both a short drive or bus ride from either suburb.
- Health workers employed at QEII Medical Centre and Fiona Stanley Hospital, who value being close to major employment hubs without the price tag of the western suburbs.
That mix of tenants gives landlords in this pocket of Perth a genuinely diverse pool to draw from, which helps explain why vacancy periods here tend to be shorter than the Perth average.
Properties Leasing in Record Time
Speed is another defining feature of the 2026 market. Across Perth, properties are leasing in a median of around 16 days, well down on what landlords would have experienced a few years ago. In our own portfolio, units in Como and Rivervale are consistently among the fastest-leasing properties we manage, often finding a tenant well inside that citywide average.
For landlords, this speed cuts both ways. It’s good news if your property is priced correctly from day one, but a poorly priced listing can still sit and cost you weeks of lost rent while the rest of the market moves on without it.
Is Any Relief on the Horizon?
REIWA’s latest commentary points to a market that is starting to divide in two. Outer suburbs are showing early, gradual signs of easing as new supply slowly comes online.
Inner Perth, including the inner south, isn’t following the same pattern. Proximity to the city, established infrastructure and a limited supply of new stock mean vacancy rates here are expected to stay tight well into the rest of 2026, even if the broader Perth market starts to soften at the edges.
What Record Rents Mean for Your Return Calculations
Rising rents are good news on paper, but they change the numbers landlords should be running on their properties. A jump from last year’s rent to today’s record levels can meaningfully shift your yield, your cash flow position and how a property stacks up against other options in your portfolio.
It’s worth revisiting your numbers this year rather than assuming last year’s rent roll still reflects what your property could be earning. Our landlord information page is a good starting point if you want a refresher on how to approach this.
Why Local Knowledge Matters
In a market moving this fast, setting the right rent isn’t something you can work out from a citywide average. A figure that suits South Perth might undersell a property in Rivervale, or overprice one in Como. Getting it right requires knowing what similar properties in the same street or complex have leased for in recent weeks, not months.
This is where having a property management team with genuine, suburb-level intelligence makes a real difference. Our team lives and works in these suburbs, and that local knowledge is what allows us to set the right price from the outset, rather than adjusting after a property has already sat too long on the market.
Ready to See What Your Property Could Be Earning?
If it has been a while since your rent was reviewed, now is a good time to check where you stand. Bourkes offers a free rental appraisal for owners in Como, South Perth, Rivervale and the surrounding suburbs, or you can reach out to our property management team directly to talk through your options.
Disclaimer: Figures in this article are based on data published by REIWA, SQM Research and HERE Property current at the time of publication (August 2026). Rental market conditions can change quickly, and landlords should seek tailored advice from a property management professional before making decisions based on these figures.