Perth's Dual Key Rental Market Insights from a local Property Manager

Hey All !!

Just wanted to quickly share the insights we gathered from one of the property managers from RentWest Solutions.

Rentwest has great expertise in managing Dual Occupancy Properties, and we wanted to pick their brain on how the market is reacting to this niche product.

Let's jump in!!

Below is the response for our queries-

1. How confident are you as a property manager in Perth that dual key will go for rent pretty quick?

I have recently leased a 2x2 in Dayton on the first home open for $550, dual key.  Admittedly was advertised for $500 however 2 single FIFO guys offered well above to secure the property.

Meadow Springs – we have managed a dual key there since 2019 – 3x2 and 2x1.  3 single guys in 3 bedroom and older couple in the 2 bedroom.  No change in tenant in 4 years.

Seville Grove – young couple in 3 bed and single person in 2 bedroom.

They are gone pretty quick due to excellent price point they offer to tenants.

2. If vacancy rate stabilises in 5 years, will it still be a good product?

I don’t feel this product has changed in the last 5 years.

Surprisingly 2 bedrooms are most in demand as they are more affordable and generally a “lock and leave situation”.  We have many 2 bedroom homes in Butler that have always leased easily, regardless of the vacancy.  Also, I feel with the increase with more women aged over 55 becoming homeless I feel this is an affordable option for them, in any area.

Young families, couples and single professionals don't want a 4 bed home, and there aren't apartments here in Perth. So this is a missing middle that is much needed.

Affordability is the biggest issue today and it will be for the next decade and dual keys provide good affordable solution.

3. Are there any specific regions or areas you think it would work better - closer to cbd, airport, north coast or south coast ?

(We typically operate in areas North coastal such as Alkimos/Eglington, and North east)

I don’t feel there is a better area, they have all been leased easily.  

The areas I have dual keys coming up in the next 6 months are:-

Lakelands

Meadow Springs

Rosehill Waters, South Guildford

Dayton

Alkimos

Eglinton

4. What about resale value? Does it sell easily?

Dual keys just look like a family home from the outside, unlike duplex. So there is no issue selling it to any matured families with teenagers or older parents. They can just add a central door and you have the biggest and the smartest home in the town.

Buyers love the idea that you can live in one and let the other dwelling pay your mortgage.

More importantly, established dual keys are rare and they are snapped by investors and buyers agent before we run the whole campaign for locals here.

Just wanted to mention I am really passionate about this product and wish we had got onto this 5 years ago.  I actually would love to build one for myself, live in the 3 bed and rent out the 2 bedroom to help pay the mortgage – one day maybe!

Thanks for reading this far.

If you have any questions for the Property Manager, feel free to respond to this email. Alternatively, you call them directly to get some insights on local market.

Explore Dual occupancy homes for sale in Perth here>