Perth's rental vacancy rate reached 2 per cent in January 2025.
This was 0.1 percentage point higher than the 1.9 per cent recorded in December 2024.
The last time the vacancy rate was 2 per cent was June 2020.
REIWA CEO Cath Hart said the Perth market has experienced an extended period of low vacancy rates.
"The vacancy rate is a reflection of demand and supply, and these factors have been changing over the past six months," she said.
"Demand has been self-moderating. We've seen an increase in the size of tenant households, and people choosing to buy over renting or choosing to remain in, or return to, the family home to avoid the rental roundabout.
"We've also seen completed investor new builds come to the market and boost supply. In addition, some tenants finally had their new homes completed and moved out of their rental, which freed up some existing supply.
"This has contributed to the increase in the vacancy rate."
Ms Hart said while the overall vacancy rate was rising, conditions varied across Perth.
"Anecdotally, some suburbs, such as those closer to the city, are experiencing strong demand and the vacancy rate remains low," she said.
"In those areas where a lot of new builds have become available in the past few months, vacancies are taking longer to fill."
REIWA considers a balanced market to have a vacancy rate between 2.5 and 3.5 per cent. The last time it was 2.5 per cent was September 2019.
Ms Hart said if current trends continued, Perth's vacancy rate could reach equilibrium by mid-2025.
