$5,000 on Offer to Rent Out Your Empty Property

May 9, 2024

WA property owners can claim a $5,000 incentive if they put their empty properties up for rent under a new scheme introduced by the State Government.

The Vacant Property Rental Incentive Scheme aims to encourage owners of vacant properties to put them on the rental market in a bid to boost rental supply and ease the current housing crisis.

Property owners are eligible for the $5,000 payment once the property is leased and occupied, and must meet a list of criteria including: 

  • The property must have been vacant for at least six months between 8 November 2023, and 7 May 2024.
  • It must be a single self-contained unit with its own bathroom, kitchen, and toilet (spare rooms or ancillary buildings like granny flats are not eligible).
  • The property should not have received a payment under the STRA Incentive Scheme.

To qualify for the payment, the property must remain leased for the entire 12-month period. If the lease is terminated prematurely, the property must be re-let within six weeks to avoid repayment of the grant.

REIWA CEO Cath Hart has expressed her support for the Vacant Property Rental Incentive Scheme highlighting the initiative would offer crucial assistance to the constrained rental market.

“We’ve seen the success of the Short-Term Rental Accommodation (STRA) Incentive Scheme, which has provided rental homes for 150 households so far, and we expect this new incentive to encourage some vacant property owners to make their homes available as much-needed long-term rentals. With the vacancy rate at a record low of just 0.4 per cent, and listings for rent sitting at around 2,000, any initiatives that will put a roof over more people’s heads are very welcome.” Ms. Hart said.

The Government has extended the STRA scheme until 8 November 2024, which was originally set to conclude in May.

If you need any further information on either the Vacant Property Rental Incentive Scheme or the Short-Term Rental Accommodation Incentive, please contact us at hello@rentchoice.com.au or +61 8 6365 5665