The number of rental properties available for under $400 per week in Hobart has halved over the past twelve months – it’s now sitting at 9.83%.
That’s just 4.22% of available houses, and 20.87% of units in April 2023, on realestate.com.au.
Nationally, PropTrack reports that the share of properties available under $400/week is the lowest on record – at 16.2%.
Regionally, Tasmania is faring a little better – with 44.12% of total dwellings available under $400. That’s down from 53.31% last year.
Senior economist Eleanor Creagh says strong demand, bolstered by rising immigration, is outstripping the supply of available rentals.
“The nation’s rental market is in dire straits, with little sign of meaningful reprieve on the horizon. Advertised rents are recording strong price increases and vacancies are at historic lows amid a shortage of rental supply,” said Ms Creagh.