Average monthly rents in Limerick rise to €628

Anne Sheridan

Reporter:

Anne Sheridan

The avererage monthly rent in Limerick was �628 in the first quarter of this year
THE AVERAGE monthly rent in Limerick in the first quarter of this year stood at €628, according to the latest figures from the Residential Tenancies Board (PRTB).

THE AVERAGE monthly rent in Limerick in the first quarter of this year stood at €628, according to the latest figures from the Residential Tenancies Board (PRTB).

This was up a mere €2 when compared to the average rent in the last quarter of 2014, and was €4 higher than a year earlier, on the first quarter of 2014, when the figure was €624.

The data comes from the latest PRTB quarterly rent index which is compiled by the Economic and Social Research Institute (ESRI) for the board.

It is the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland. This is because it is based on the actual rents being paid, according to the PRTB’s records, as distinct from the asking or advertised rent.

If people are interested in looking at the rent that applied for different dwelling types (house, apartment, number of bedrooms), and for different locations, they can check this out at prtb.ie (click “rent index”), and go to the average rents in my area (Dataset).

It shows that the monthly rents of a two-bed apartment in Limerick city in 2014 was €580, but it was cheaper on the Dock Road at €489.73.

A three-bed semi-detached house in Newcastle West cost €502.19 a month, or €674.75 in Corbally.

Rents for private sector accommodation across the country rose by 6.9% in the year between the first quarter of last year and this year.

Rents for houses were 6.5% higher, while apartment rents were 7.8% higher.

Annual growth in the Dublin market was stronger, up by 9.6%, with house rents in the capital up 9% in the year, and apartment rents up 10.8%.

Annual growth in rents for the market outside Dublin remained more subdued, recording growth of 5.3% compared to the first quarter of 2014. Again the performance differed by property type. House rents outside Dublin increased by 5.7%, while apartments increased by 5.2%.

In monetary terms, the rent for private sector accommodation across the whole country in the first quarter of this year was €835 – up from €781 in the first quarter of 2014. In Dublin, the rent in the first quarter of this year was €1,201 - €1,325 for a house and €1,205 for an apartment.