Driven by the need to expand long-term rental stock, WA has extended its enticements for landlords to put short-term and empty homes out for long-term lease.
According to the state government, the Short-Term Rental Accommodation (STRA) incentive and Vacant Property Rental (VPR) scheme have converted 429 properties into long-term rentals and will now be extended to unlock more properties.
The schemes offer cash incentives of $10,000 and $5000 respectively to owners to transition their properties to the long-term rental market.
Owners are required to provide a minimum 12-month lease agreement to new tenants.
The STRA incentive has been particularly popular in the past 12 months, and has brought 332 properties onto the long-term rental market, according to the state, while the VPR has converted 97 properties six months after it was introduced.
Applications for the schemes have been extended to June 30 of next year with the aim of unlocking around 400 extra long-term rental properties.
Eligibility for STRA has been expanded to cover eligible short-stay properties occupied or advertised between September 22 and November 3, while VPR properties must have been vacant for the six months between May 4 and November 3.
Considered one of the tightest markets in Australia by PropTrack, Perth has experienced a 28.1 per cent uplift in advertised rental properties in the year to September, 2024.
Rental vacancy rates are at 1.1 per cent for the year, while median weekly advertised rents grew 12.1 per cent over that same period—the highest of any capital or regional area in Australia. The WA capital is ahead of Adelaide at 10.5 per cent.
