Renter Relief Ends March 28th
Your rent may be increased and here’s why…
As of the 28th of March, the Residential Tenancies (COVID-19 Response) Act officially ends. This means the COVID-19 relief the WA State Government provided to tenants protecting them from potential rent increases or eviction is officially over.
What does this mean for you?
If you are currently renting, your landlord can increase the rent to meet the market demand. If your landlord increases your rent even by $50 per week you are paying an extra $2,600 per year! Yikes….
With Perth’s rental vacancy at its lowest at 0.9%* looking for another rental has never been more difficult. It’s mainly because of high demand from tenants looking for cheaper properties or people returning to WA.
We think because of all this your landlord is more than likely going to find someone who can pay the extra amount. Sad, but true!
Sooo to break it down simply:
- The Perth population is increasing
- Demand is high resulting in less properties available to rent
- Rents are rising at around 5% per month* (refer to UDIA data)
- As of 28th of March, your landlord is free to increase your rent to market value
So, what to do now?
Maybe it’s time to own your own home Instead of spending thousands more on renting.
There is no better time with low deposit options, record low interest rates & house and land packages starting from $239* per week. PLUS, you can get started with as little as 3K!
To see if you qualify enter your details below and never stress about rent increases again!
*Data taken from The West Australian article published on the 1st of March 2021.