Hobart's rental market continues to tighten, causing rents to rise substantially, according to Domain's latest report.
Vacancy rates in the city tightened to 0.4%, returning to levels reported in 2019 when rents registered double-digit gains. The number of vacant rental properties in the city fell 38% in the first quarter of the year.
Tight rental conditions in the city pushed up weekly rents. Home rents in Hobart hit an all-time high, rising 2.1% to $ 480. Unit rents also rose, up 5% to $ 420. Unit rents are now at the level reached for the first time a year ago.
"Just five years ago Hobart was the most affordable capital to rent, now it's the fourth most expensive to rent a house and unit," the report says.
However, the report states that the evolution of rental rates in the city depends on location.
For example, while house rents at Sorell-Dodges Ferry climbed 12.4% from a year ago, Hobart interior rents fell 2.7 % for houses and 5.6% for units.
Top suburbs:
queens park
,
The Pelvis
,
greenwood
,
south cardiff
,
Bligh park
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