FROM traditionally reduced vacancy rates to increasing rents, Hobart renters have been up against it to continue to keep a roof over their heads.
A new Tenant Prospect Report from RentRabbit.com.au has place a spotlight on the suburbs wherever tenants can obtain affordable rents in “decent suburbs” that are in just commuting length of the money town.
RentRabbit.com.au co-founder Ben Really said though landlords have the higher hand over tenants in most pieces of Hobart, it is still doable to find high-quality rental accommodation in appealing places at affordable charges.
“Since the pandemic started, Hobart’s rental current market has only additional tightened, which has translated to an raise in industry electricity for landlords,” he reported.
“That’s led to a sharp maximize in rents in quite a few suburbs and, unfortunately, a reduction in lodging requirements, since landlords really don’t have to try out as challenging to attract and retain tenants.”
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Mr Pretty said there was no doubt it has become harder for tenants — especially lower-income families — to find a good rental property that’s not too far from the CBD and not too expensive.
“This report shows tenant-friendly suburbs still exist, even if there are fewer of them than before the pandemic,” he said.
“Data from the Australian Bureau of Statistics and the Housing Industry Association suggest there are a lot of new residential properties in the pipeline.
“Those new builds can’t occur quickly enough, because the only way to reduce the unhealthy levels of demand we’re seeing in the rental market right now is to increase the supply of rental properties.”
Most of RentRabbit’s top suburbs were for unit renters with only three house rental suburbs making the cut with a criteria that included exclusions like being 35km-plus from the CBD, low socio-economic status and the median weekly rental ask.
New Town units were No.1 on the list with a $410 median rent, up 10.8 per cent annually.
Units in South Hobart ($430, 2.4 per cent annual change) came in second followed by Sandy Bay ($430, 4.7 per cent), and West Hobart ($420, 9.5 per cent).
Margate houses were fifth ($480, 3.1 per cent), followed by Kingston units ($400, 12.5 per cent), Hobart units ($500, -1 per cent), Battery Point units ($470, 6.4 per cent), South Hobart houses ($490, 8.2 per cent), and Lindisfarne houses ($500, 10 per cent).
Meanwhile, the June quarter Real Estate Institute of Tasmania report found that rents rose in the three-month period across Tasmania’s major population centres, including a $25 per week uptick in Hobart.
It also noted vacancy rates sit a 1.1 per cent in Hobart, 0.9 per cent in Launceston and 1.2 per cent on the North West Coast.
REIT president Michael Walsh described the retracting rental market “of real concern”.
He said it was under extreme pressure, especially given decreasing investment figures.
“I cannot see any short-term solutions to resolve the issue,” he said.
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