First rent rise in Limerick city since 2007

Anne Sheridan

Reporter:

Anne Sheridan

To let: Rents are beginning to rise in Limerick for the first time since 2007
RENTS in Limerick city have risen for the first time since the property crash, albeit by less than two per cent in the last year.

RENTS in Limerick city have risen for the first time since the property crash, albeit by less than two per cent in the last year.

The latest property report from Daft.ie shows that the average rent in Limerick city is now €662, while in the rest of Limerick, rents were 1.1% lower on average in the third quarter of 2013, in comparison to last year.

The average advertised rent is now €584, which is still a fall of 24% from the peak in 2007.

Rents in Dublin, by comparison, have increased by 7.6% in the past year and are up in Galway by 3.6%.

The year on year change in rent prices in Limerick city is 1.8%, or 3.1% in the last quarter. The average rent of a single room in Limerick city is €240, a year on year drop of 0.8%.

Rents nationally were 4.8% higher on average in the third quarter of 2013 than a year previously. The average rent nationwide between April and June was €842, compared to €804 a year previously.

Rents in the capital remain 20% below 2007 levels but are now 12% above 2011 levels. Across the four cities outside of Dublin, there were just 1,100 properties available to rent on November 1, compared to 1,700 a year ago.

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the report, said: “An acute shortage of rental accommodation has now emerged in Dublin, with fewer properties on the market now that at any point since records start in January 2006.

“Clearly, any NAMA supply in the capital would be a welcome addition in easing tenant concerns. Elsewhere, markets look relatively balanced with oversupply from 2009 having corrected itself in many counties,” he added.