Australia's island state has recorded the largest decrease in rental rates through July as tenants and landlords battle with the ongoing impacts of the coronavirus pandemic, according to property research group for CoreLogic.Hobart has recorded the sharpest drop in rents in the country, with units down nearly 4.5 per cent and houses 2 per cent
Since March, rent for houses in capital cities dropped by 0.3 per cent, with unit rents down by 2.6 per cent. Real Estate Institute of Tasmania president Mandy Welling said it was likely that landlords were talking openly with their tenants either directly, or via their agents, to negotiate a decrease in rent.
"We know that people in Tasmania are on low incomes but we have the same rental levels as Melbourne," she said. REIT figures for the June quarter show the median weekly rental for a three bedroom home in Hobart was $495, Launceston $330 and $300 on the north-west coast.Governments are facing tough questions on how this has gone so terribly wrong. Here are some clues
"But I think overall, considering interest rates are extremely low at the moment, a reduction in rental rates and rental income for investors is only just one element of the distress we are seeing across the economy at the moment."
Good. Hobart had massive amounts of AirBnB homes. These investment properties should be long term rentals not (in my view) illegal hotels. Too many Tassie families had to live in tents due to the housing shortage, hope they are warm and dry this winter. Homeless vs Airbnb