In line with increasing vacancy rates Tasmanian rents for the June quarter 2023 show decreases in most areas. The pattern very much resembles the decreases seen in 2020 when COVID-19 lockdowns meant fewer international students and short stay properties returning to the long-term rental market.
Overall, decreases were highest in the South (-4.1%) and less pronounced in the North (-2%), while rents in the North West increased by 3.1%.
Decreases in the rents for new leases were mainly recorded for two- and three-bedroom properties across most areas including in the North West. Meanwhile rents increased most for one and four/five-bedroom properties, especially in the North West, but also in the North of the state.
While decreases in prices for new rents and increases in vacancy rates are promising developments, the housing crisis is far from over. Comparisons of June 2023 rents with June 2022 still show increases across Tasmania and incomes lower than mainland incomes mean hardly any properties advertised are affordable for people on low and median incomes. Vacancy rates, while higher than they have been in years, are still well below the level that it considered healthy.
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