THE AVERAGE rent of residential properties in Limerick city is now €1,109—a major increase of over 20% on last year, a new report reveals.
According to a new Daft.ie report this Friday morning, the average rate of rent increased by 20.7%, the largest percentile increase for any city in the country.
The average asking house price in Limerick, both city and county, has also increased.
The asking price for a house in the city has increased by 6.9% to €189,416. The average asking price for a house in the county rose by 4.7% to €178,953, the report states.
Limerick is the fourth most expensive in the country for average cost of rent, behind Galway at €1,189, Cork at €1,266, and Dublin at €1,936. The rest of the country’s average cost of rent rose by 10.4% and is now €909.
Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said:
“While the building of new homes appears to be having some effect in the sales market, with inflation easing somewhat, there is no counterpart in the rental sector. While urban apartments make up almost all the net need for new homes in the country as a whole, just 13% of new homes completed in the year to March were urban apartments. In that context, it is unsurprising to see rents rise once more.
“As before, with such a mismatch between supply and demand, policy must focus on dramatically increasing the construction of urban apartments, for both market and social housing needs.”
Martin Clancy from Daft.ie said: “At the moment we are seeing on average, over 1,000 property searches taking place every minute on Daft.ie.”