Affordable Rental Options in Tasmania: Where You Can Save on Rent

As Tasmanian renters continue to feel the squeeze of soaring rents and plummeting vacancy rates, there are still some pockets where the median weekly rent has gone down in the year to February 1. The Mercury has obtained and analyzed REA Group’s latest PropTrack report, which contains rental data for 105 Tasmanian suburbs with a minimum of 10 rentals per suburb.

In this article, we will explore the affordable rental options available in Tasmania, specifically highlighting the suburbs where the median rent has gotten cheaper. By taking a closer look at these suburbs, you can potentially save on rent and free up some money to invest in other areas of your life.

Houses in Tasmania According to the PropTrack report, the median rent for houses in Tasmania increased by 8.67 percent in the year to February 1. However, despite this increase, there are eight suburbs where median rent has become cheaper.

Shorewell Park, an outer-Burnie suburb, recorded the largest decline in median rent for houses, dropping from $335 to $310 year-on-year, a decline of 7.46 percent. Other Tasmanian suburbs that experienced negative growth in median rent for houses include Deloraine (-5.56 percent), West Hobart (-4.17 percent), Hobart (-4.17 percent), St Helens (-2.7 percent), Tranmere (-1.45 percent), Parklands (-1.26 percent), and Shearwater (no growth recorded).

Additionally, there were 32 suburbs across Tasmania that recorded increases in median rent for houses of less than the inflation rate of 6.8 percent in the 12 months to February 2023. Some of the suburbs with the smallest rental price increases include Lewisham (0.5 percent), Primrose Sands (1.96 percent), Mount Nelson (2.04 percent), Norwood (2.13 percent), and Lenah Valley (2.2 percent).

The cheapest suburb for renters in Tasmania is Queenstown, where median rents for houses are just $260. Other affordable options for renters include Zeehan ($265), Shorewell Park ($310), Acton ($340), Smithton and Hillcrest ($350), and St Helens, Scottsdale, and Ravenswood ($360).

Units in Tasmania While the median rent for units in Tasmania increased by 9.45 percent in the year to February 1, there are still some suburbs where median rent has gone down.

North Hobart saw the largest decline in median rent for units, dropping by 14.29 percent from $525 to $450. Other suburbs with negative growth in median rent for units include Youngtown (-7.89 percent), East Launceston (-7.5 percent), and Rosetta (-1.27 percent).

George Town remains the cheapest place to rent units in Tasmania, with a median rent of just $270. Other affordable options for renters include St Helens ($360), Mowbray ($375), Newnham ($380), and West Launceston ($385).

Conclusion Despite the overall increase in median rent prices in Tasmania, there are still some affordable rental options available for renters. By exploring suburbs with negative growth in median rent, renters can potentially save on rent and improve their overall financial well-being.