Hello readers, and welcome back to our monthly newsletter! In this edition, we’re diving into the current residential real estate rental market in Fremantle and its surrounding areas. Fremantle has always been a vibrant and dynamic community, and this extends to its rental market as well. From available properties to rental rates, we’ve got you covered with the latest statistics and insights to keep you informed.
Fremantle’s Rental Market: A Snapshot
The residential rental market in Fremantle has been experiencing some noteworthy changes lately, as the demand for rental properties continues to grow. This increased demand has led to a decrease in the overall vacancy rate, which now stands at 1.8% as of March 2023. This is a significant drop from the 3.2% vacancy rate recorded a year ago, and it illustrates the competitive nature of the current rental market.
Surrounding Areas: A Wider Scope
The rental market in the surrounding areas of Fremantle has also seen some interesting shifts. East Fremantle, for instance, has experienced a vacancy rate decline from 2.9% in March 2022 to 2.2% in March 2023. Meanwhile, North Fremantle’s vacancy rate has increased slightly, from 1.7% to 1.9% during the same period.
Rental Rates: Rising Steadily
The increased demand for rental properties has unsurprisingly led to an upward trend in rental rates across Fremantle and its surrounding areas. The median weekly rent for houses in Fremantle has increased by 4.5% in the past year, reaching $530 per week. For apartments, the median weekly rent now stands at $420, a 5% increase from last year.
In East Fremantle, the median weekly rent for houses has increased by 5.6%, reaching $600 per week, while apartments have seen a 4.3% increase, reaching $470 per week. North Fremantle, on the other hand, has seen a more moderate increase in rental rates, with the median weekly rent for houses rising by 3.1% to $670, and apartments increasing by 2.9% to $495 per week.
What’s Driving the Market?
There are several factors contributing to the current trends in Fremantle’s rental market. The area’s unique charm, thriving arts scene, and proximity to the beach continue to attract renters seeking a vibrant lifestyle. Additionally, the ongoing investment in infrastructure and revitalization projects, such as the Kings Square redevelopment and the construction of the new Fremantle Traffic Bridge, have made Fremantle and its surrounding areas more appealing for both residents and investors.
The rental market in Fremantle and the surrounding areas shows no signs of slowing down. With the increasing demand for rental properties and the continued growth of the area, it’s important for prospective renters and investors to keep a close eye on the market. Staying informed about the latest trends and statistics will help you make the best decisions when it comes to renting or investing in this thriving community.
That’s it for this month’s newsletter! Be sure to check back next month for more updates on Fremantle’s residential real estate rental market. As always, if you have any questions or need assistance with your rental or investment needs, don’t hesitate to get in touch with us.