PHOTO: Perth’s rental market is nearing crisis territory as the number of places available to rent plummets to record low levels. Photo: Supplied

Perth’s rental market is creeping towards crisis territory due to a lack of stock, demand pressure and the extension of Western Australia’s eviction moratorium discouraging property investors, local agents say.

In stark contrast to the rental markets of Sydney and Melbourne where there is a surplus of vacant properties seeking tenants, open homes in Perth are attracting large crowds, multiple applications, and desperate tenants are offering above the asking weekly rent in a bid to secure a place to live.

LJ Hooker state director Andrew Friebe said he believed the hot demand was due to WA residents, who were allowed to, returning home.

“Also, large mining businesses have been incentivising FIFO workers to relocate to WA from the eastern states,” he said.

“Secondly, given the property market has been pretty consistent for the past six or so years, a lot of investors who bought at the peak of the sales market haven’t been able to sell for many years. So with the sales market also picking up, investors have been opting to sell.