Real Estate Institute of WA research reveals drop in available rentals amid COVID-19 pandemic

The rental market is getting tighter, with fewer than 5000 dwellings available for lease at the moment.

Real Estate Institute of WA research shows listings fell 17 per cent in May to 4676 dwellings.

They are being quickly absorbed, according to REIWA boss Damian Collins, who said the take-up of new leases jumped 27 per cent in May compared with April.

But the laws of supply and demand have been overruled by the coronavirus response, which means prices have remained steady.

The overall median price remains $350 a week.

This is largely because it is unlawful to increase the price of existing leases until October under the Residential Tenancies COVID-19 Response Act.

Listings of homes for sale were also down in May with only 11,299 properties for sale on reiwa.com which is 3.3 per cent lower than April and 30 per cent lower than this time last year.