In Launceston, the vacancy rate was 2.2 per cent and it was 2.9 per cent in the North-West.

The vacancy rate increased to 2.7 per cent in Hobart.

REIT president Mandy Welling said median rents across the state remained stable except houses rented at between $320 and $430 per week and units rented at between $280 and $350 a week.

In these categories, rents dropped by $20 to $30 a week.

Houses in the $300 per week bracket remained steady and units rented for around $250 increased by $10 per week.

"These figures represent a steady environment and a trend we hope will continue," Ms Welling said.

"With all the uncertainty and concerns surrounding the real estate market and the potential impact short-stay homes might have on the market, this compounds the need for more housing."

She said institute members had reported they have had several Airbnb properties returning to the long-term rental market as a result of the downturn in the tourism industry.

"These properties have eased pressure on the residential tenancy market for now, but it is clear there is still a desperate need for government to build or supply more social housing," Ms Welling said.

The institute recently reported a drop of 27.5 per cent in house sales statewide for April. Sales dropped by 39 per cent in Launceston for the month.