The number of properties available for rent across Perth has fallen below 2,000 for the first time since March 2026, adding further pressure to an already difficult rental market.

According to September figures released by the Real Estate Institute of Western Australia (REIWA), just 1,914 houses and units were advertised for rent across Perth, a decline of 5.7 per cent from August and 8.8 per cent compared with September 2025.

The figures also revealed that Perth's median weekly house rent had reached a record $750, an increase of 7.9 per cent over the previous year. Median unit rents had risen to $700 per week, up 4.5 per cent.

The number of available rentals had fallen by almost 400 since May, when 2,307 properties were listed. By comparison, Perth had 9,235 rental properties available in 2018.

REIWA president Suzanne Brown expressed concern that proposed Federal Government changes to negative gearing and capital gains tax, announced in the May Budget and scheduled to take effect in July 2027, were discouraging property investment.

According to REIWA members, some investors were selling existing rental properties, while fewer buyers were entering the established housing investment market.

The Federal Government's proposed taxation changes were intended to encourage investment in newly constructed housing. However, Housing Industry Association figures showed that new home sales had declined by 8.2 per cent during the three months to August 2026.

Brown warned that reduced investment in both established and newly constructed properties could place further pressure on rental availability.

Although the estimated number of rental properties had recovered to levels last recorded in 2021, Western Australia's population had increased by approximately 13 per cent during the same period, creating additional demand for housing.

The latest Reserve Bank interest rate increase was also making home ownership more difficult for renters hoping to enter the property market.

REIWA estimated that the September rate increase added approximately $118 per month to repayments on an average Western Australian mortgage of $720,000.

Brown called for government policies that encouraged investment and increased rental supply, warning that measures such as rent caps or freezes could have unintended consequences.

While REIWA attributed some of the decline in rental availability to investor concerns about the proposed taxation changes, the figures did not establish how much of the reduction was directly caused by those policies.

The September figures highlighted Perth's continuing shortage of available rental properties, with tenants facing higher rents and fewer housing options.