Rents continue to rise in Limerick as supply falls

Anne Sheridan

Reporter:

Anne Sheridan

Email:

anne.sheridan@limerickleader.ie

Rents continue to rise in Limerick as supply falls

THE average rent for all dwellings in the private rented sector in Limerick in the second quarter of this year climbed to €671.

The figures, based on those registered with the Residential Tenancies Board, show that the rent rise in Limerick was up €30 in comparison to a year ago.

There are currently less than 80 properties to rent across Limerick, based on up-to-date listings with Daft.ie, and just 10 to met in the city centre.

The data from the RTB’s Quarterly Rent Index  is compiled by the Economic and Social Research Institute (ESRI) on behalf of the RTB.

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

On an annual basis, nationally, rents were 9.9% higher than in the same period last year; up from €869 to €956.

Nationally, rents for houses were 9.3% higher annually in the second quarter, up from €850 to €929, while apartment rents were 11.7% higher than in the same quarter of 2015, up from €908 to €1,014.

There are now more than 4,000 people on the local authority’s housing waiting list.

Sinn Fein deputy Maurice Quinlivan said that “the consequences of these continuous rent increases are not trivial and it affects everyone dependent on the private rental sector for accommodation. This includes middle income working families who cannot afford to save to buy a home, low income families that are paying up to 60% of their disposable income on rent and the students whose number is on the increase every year, with fewer properties available to meet this growth.”

The figures from the latest Daft.ie report on rents in Limerick puts the figures at €665 in the county, up 7.3% in a year, and €829 in the city, up 15.5% in the past year. Fewer than 800 homes were available to rent in Munster on August 1.