New research commissioned by RentRabbit.com.au has found the top 20 rental markets in Tasmania that are desperate for more stock.
The quarterly RentRabbit.com.au Rental Crisis Report identifies the top 20 suburbs in Tasmania where tenants desperately need more rental accommodation to come onto the market, because the suburbs:
- Have incredibly low vacancy rates
- Have low average weekly household incomes
- Are below-average in terms of socio-economic status
The research began by analysing every rental house market in Tasmania, before filtering out suburbs that:
- Contained more than three vacant rental properties
- Had a vacancy rate above 1.5%
- Were above-average in terms of socio-economic status
That left a small list of Tasmanian suburbs. To establish a top 20 ranking, these suburbs were then ranked based on their average weekly household income (from lowest to highest).
All but five of the suburbs were located outside Hobart. All suburbs had a vacancy rate of 1% or less, while most had a vacancy rate of 0%.
(When a suburb has a vacancy rate of 0%, that doesn’t mean the suburb literally has no vacant rental properties. Rental properties are regarded as ‘officially’ vacant when they’ve been on the market for 21 days or more. When a suburb has a vacancy rate of 0%, it means all rental properties are being filled in less than 21 days of being listed for rent.)
RentRabbit.com.au co-founder Ben Pretty said a lot of tenants are facing desperate conditions right now.
“Many renters in Tasmania are being faced with a triple whammy – they live in
socio-economically disadvantaged areas, they have low household incomes and it’s incredibly hard for them to find rental accommodation,” he said.
“Some of these renters are living in suburbs that have a vacancy rate of 0%, which means rental properties are being snapped up the moment they become vacant. Unsurprisingly, in all these suburbs, rents have increased over the past year, often by double-digit percentages.
Top 20 ranking
“The RentRabbit.com.au Rental Crisis Report is designed to highlight the rental crisis facing significant numbers of people. Yes, it really is a crisis. For the sake of renters living in those suburbs, we hope that more rental stock comes onto the market soon.”
| Rank | Suburb | Postcode | Vacancy rate (1 year ago) | Vacancy rate (now) | Average weekly household income |
| 1 | Rocherlea | 7248 | 2.9% | 0.0%* | $627 |
| 2 | Shorewell Park | 7320 | 0.9% | 0.0%* | $721 |
| 3 | St Helens | 7216 | 0.0%* | 0.0%* | $732 |
| 4 | Ravenswood | 7250 | 0.0%* | 0.0%* | $733 |
| 5 | East Devonport | 7310 | 0.5% | 0.0%* | $767 |
| 6 | George Town | 7253 | 0.3% | 0.0%* | $772 |
| 7 | Mowbray | 7248 | 1.5% | 0.3% | $783 |
| 8 | Warrane | 7018 | 0.9% | 0.0%* | $848 |
| 9 | Ulverstone | 7315 | 0.0%* | 0.0%* | $878 |
| 10 | New Norfolk | 7140 | 1.1% | 0.4% | $883 |
| 11 | Devonport | 7310 | 0.4% | 0.0%* | $884 |
| 12 | Rokeby | 7019 | 2.9% | 1.0% | $888 |
| 13 | Somerset | 7322 | 2.6% | 0.6% | $922 |
| 14 | Latrobe | 7307 | 0.0%* | 0.0%* | $977 |
| 15 | Claremont | 7011 | 2.3% | 0.8% | $995 |
| 16 | Longford | 7301 | 0.0%* | 0.0%* | $1,006 |
| 17 | Kings Meadows | 7249 | 0.0%* | 0.0%* | $1,027 |
| 18 | South Launceston | 7249 | 1.5% | 0.7% | $1,072 |
| 19 | Prospect Vale | 7250 | 0.8% | 0.0%* | $1,077 |
| 20 | West Moonah | 7009 | 2.0% | 0.3% | $1,086 |
Key stats on the top 20 suburbs
1. The house market of Rocherlea (Launceston)
| Vacancy rate – March 2021 | 2.9% |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | -2.9 percentage points |
| Median weekly rent – March 2021 | $260 |
| Median weekly rent – March 2022 | $350 |
| Median weekly rent – change | 34.6% |
| Average weekly household income | $627 |
| SEIFA score | 1 |
2. The house market of Shorewell Park (Burnie – Ulverstone)
| Vacancy rate – March 2021 | 0.9% |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | -0.9 percentage points |
| Median weekly rent – March 2021 | $265 |
| Median weekly rent – March 2022 | $320 |
| Median weekly rent – change | 20.8% |
| Average weekly household income | $721 |
| SEIFA score | 1 |
3. The house market of St Helens (North East)
| Vacancy rate – March 2021 | 0.0%* |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | 0.0 percentage points |
| Median weekly rent – March 2021 | $280 |
| Median weekly rent – March 2022 | $350 |
| Median weekly rent – change | 25.0% |
| Average weekly household income | $732 |
| SEIFA score | 1 |
4. The house market of Ravenswood (Launceston)
| Vacancy rate – March 2021 | 0.0%* |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | 0.0 percentage points |
| Median weekly rent – March 2021 | $265 |
| Median weekly rent – March 2022 | $320 |
| Median weekly rent – change | 20.8% |
| Average weekly household income | $733 |
| SEIFA score | 1 |
5. The house market of East Devonport (Devonport)
| Vacancy rate – March 2021 | 0.5% |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | -0.5 percentage points |
| Median weekly rent – March 2021 | $280 |
| Median weekly rent – March 2022 | $320 |
| Median weekly rent – change | 14.3% |
| Average weekly household income | $767 |
| SEIFA score | 1 |
6. The house market of George Town (North East)
| Vacancy rate – March 2021 | 0.3% |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | -0.3 percentage points |
| Median weekly rent – March 2021 | $270 |
| Median weekly rent – March 2022 | $315 |
| Median weekly rent – change | 16.7% |
| Average weekly household income | $772 |
| SEIFA score | 1 |
7. The house market of Mowbray (Launceston)
| Vacancy rate – March 2021 | 1.5% |
| Vacancy rate – March 2022 | 0.3% |
| Vacancy rate – change | -1.2 percentage points |
| Median weekly rent – March 2021 | $340 |
| Median weekly rent – March 2022 | $380 |
| Median weekly rent – change | 11.8% |
| Average weekly household income | $783 |
| SEIFA score | 1 |
8. The house market of Warrane (Hobart – North East)
| Vacancy rate – March 2021 | 0.9% |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | -0.9 percentage points |
| Median weekly rent – March 2021 | $410 |
| Median weekly rent – March 2022 | $450 |
| Median weekly rent – change | 9.8% |
| Average weekly household income | $848 |
| SEIFA score | 1 |
9. The house market of Ulverstone (Burnie – Ulverstone)
| Vacancy rate – March 2021 | 0.0%* |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | 0.0 percentage points |
| Median weekly rent – March 2021 | $320 |
| Median weekly rent – March 2022 | $360 |
| Median weekly rent – change | 12.5% |
| Average weekly household income | $878 |
| SEIFA score | 2 |
10. The house market of New Norfolk (Hobart – North West)
| Vacancy rate – March 2021 | 1.1% |
| Vacancy rate – March 2022 | 0.4% |
| Vacancy rate – change | -0.7 percentage points |
| Median weekly rent – March 2021 | $365 |
| Median weekly rent – March 2022 | $410 |
| Median weekly rent – change | 12.3% |
| Average weekly household income | $883 |
| SEIFA score | 1 |
11. The house market of Devonport (Devonport)
| Vacancy rate – March 2021 | 0.4% |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | -0.4 percentage points |
| Median weekly rent – March 2021 | $310 |
| Median weekly rent – March 2022 | $350 |
| Median weekly rent – change | 12.9% |
| Average weekly household income | $884 |
| SEIFA score | 1 |
12. The house market of Rokeby (Hobart – North East)
| Vacancy rate – March 2021 | 2.9% |
| Vacancy rate – March 2022 | 1.0% |
| Vacancy rate – change | -1.9 percentage points |
| Median weekly rent – March 2021 | $420 |
| Median weekly rent – March 2022 | $455 |
| Median weekly rent – change | 8.3% |
| Average weekly household income | $888 |
| SEIFA score | 1 |
13. The house market of Somerset (Burnie – Ulverstone)
| Vacancy rate – March 2021 | 2.6% |
| Vacancy rate – March 2022 | 0.6% |
| Vacancy rate – change | -2.0 percentage points |
| Median weekly rent – March 2021 | $320 |
| Median weekly rent – March 2022 | $330 |
| Median weekly rent – change | 3.1% |
| Average weekly household income | $922 |
| SEIFA score | 1 |
14. The house market of Latrobe (Devonport)
| Vacancy rate – March 2021 | 0.0%* |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | 0.0 percentage points |
| Median weekly rent – March 2021 | $320 |
| Median weekly rent – March 2022 | $350 |
| Median weekly rent – change | 9.4% |
| Average weekly household income | $977 |
| SEIFA score | 2 |
15. The house market of Claremont (Hobart – North West)
| Vacancy rate – March 2021 | 2.3% |
| Vacancy rate – March 2022 | 0.8% |
| Vacancy rate – change | -1.5 percentage points |
| Median weekly rent – March 2021 | $420 |
| Median weekly rent – March 2022 | $450 |
| Median weekly rent – change | 7.1% |
| Average weekly household income | $995 |
| SEIFA score | 1 |
16. The house market of Longford (North East)
| Vacancy rate – March 2021 | 0.0%* |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | 0.0 percentage points |
| Median weekly rent – March 2021 | $340 |
| Median weekly rent – March 2022 | $440 |
| Median weekly rent – change | 29.4% |
| Average weekly household income | $1,006 |
| SEIFA score | 2 |
17. The house market of Kings Meadows (Launceston)
| Vacancy rate – March 2021 | 0.0%* |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | 0.0 percentage points |
| Median weekly rent – March 2021 | $365 |
| Median weekly rent – March 2022 | $410 |
| Median weekly rent – change | 12.3% |
| Average weekly household income | $1,027 |
| SEIFA score | 2 |
18. The house market of South Launceston (Launceston)
| Vacancy rate – March 2021 | 1.5% |
| Vacancy rate – March 2022 | 0.7% |
| Vacancy rate – change | -0.8 percentage points |
| Median weekly rent – March 2021 | $370 |
| Median weekly rent – March 2022 | $450 |
| Median weekly rent – change | 21.6% |
| Average weekly household income | $1,072 |
| SEIFA score | 3 |
19. The house market of Prospect Vale (Launceston)
| Vacancy rate – March 2021 | 0.8% |
| Vacancy rate – March 2022 | 0.0%* |
| Vacancy rate – change | -0.8 percentage points |
| Median weekly rent – March 2021 | $400 |
| Median weekly rent – March 2022 | $460 |
| Median weekly rent – change | 15.0% |
| Average weekly household income | $1,077 |
| SEIFA score | 3 |
20. The house market of West Moonah (Hobart – North West)
| Vacancy rate – March 2021 | 2.0% |
| Vacancy rate – March 2022 | 0.3% |
| Vacancy rate – change | -1.7 percentage points |
| Median weekly rent – March 2021 | $450 |
| Median weekly rent – March 2022 | $500 |
| Median weekly rent – change | 11.1% |
| Average weekly household income | $1,086 |
| SEIFA score | 2 |
