Investors will be reaping the rewards of Perth's low housing vacancy rate, which held steady at 0.7 per cent in October.
Latest data from the Real Estate Institute of WA (REIWA) this week revealed the Perth rental market remained extremely tight.
REIWA chief executive officer Cath Hart said the vacancy rate had been below 1pc since August 2022 and showed no sign of changing in the short-term.
"The imbalance between supply and demand is the greatest factor affecting the rental market," Ms Hart said.
"While the decline in the number of rental properties appears to have stabilised, it is not increasing.
"Local investors are still selling and, although Eastern States investors are showing a lot of interest in our market, they seem to be replacing those who have left."
Ms Hart said building completions had not been the saviour the market was hoping for a year ago.
She said in the past three financial years, WA had averaged 14,000 new dwellings per year.
"During that time, the number of households has grown by about 60,000," Ms Hart said.
"In addition, the ongoing delays in the building industry are keeping people in their rental properties for longer, impacting the usual turnover of the market."
Ms Hart said REIWA had engaged strongly with the WA Government during the past 12 months about the rental market.
She said it had shared its market data and analysis and valuable insights from REIWA members on the ground.
"We are very pleased the WA Government has recognised supply is the key issue facing the market and that strict legislative measures - such as rent caps and freezes - would have a negative effect," she said.
"As a result, they've announced measures to boost supply and aimed for balanced tenancy legislation.
"We particularly welcome the new Housing Supply Unit, which aims to boost supply and affordability.
"And recently we were very pleased to see the launch of the WA Rental Relief program, which is aimed at helping vulnerable tenants at risk of eviction due to arrears and, by extension, investors facing financial stress due to those arrears.
"We also commend the government's incentive-based, rather than punitive, approach to the short-stay market.
"We know short-stay isn't the silver bullet to solve the problems we are facing, but if the new scheme adds a few properties to the rental market, that's a positive outcome for tenants seeking a home."
While conditions are extremely challenging, Ms Hart said she was heartened by the response of REIWA members to many tenants' situations.
"I've seen our member community rally to find good tenants a new home when the one they are renting is sold or the lease comes to an end," she said.
Ms Hart encouraged tenants with concerns about their situation to speak with their property manager, as there may be something they could do to help.
"If you are facing challenges finding a rental property, contact a local REIWA property manager and ask what you can do to improve your chances," she said.
"It may be something simple like ensuring all your documentation is up-to-date when you make an online application.
"Tenants are welcome to call our free information service on 9380 8200 for advice.
"Is is open Monday to Friday, from 9am to 5pm."