RENTS in Limerick county have remained stable in the past year, with a fall of just 0.7% in the 12 months up to this June.
The latest report from the property website Daft.ie shows that while prices are rising in Dublin – sparking fears of a new property bubble – in Limerick city rents have fallen by 0.2%, with a slightly higher fall of 0.7% in the county.
The findings will be good news to students – and their parents – who received their CAO offers this week and hope to study in Limerick or Waterford, but they can expect to pay more if they choose to take up offers in Cork, Galway and Dublin.
Rents in the capital are now 7.5% higher than the rest of the country, after registering their fourth consecutive quarter of growth. This is the fastest rate of rent inflation since mid-2007, reflecting the tight supply in the Dublin market.
The average advertised rent in county Limerick is now down 24% from the 2007 peak, resting at €583.
The average rent in Limerick city is now €642 - down 25.6% since the peak.
In contrast, rents in Cork and Galway are much higher by comparison, at €806 and €792 respectively, and are gently rising at about two to three per cent a year.
A single room in Limerick city now costs around €255, and €234 in the suburbs, according to their guide.
Daft.ie currently lists 514 properties in Limerick for rent, with three quarters of those available in the city.
Ronan Lyons, economist with Daft.ie, said low costs for renting could be good news for centres in need of investment over the years to come, especially with a number of promised announcements for Limerick on the horizon.
“Low costs of accommodating workers is good news from a competitiveness point of view and as the cost of housing and office space in Dublin rises, cities like Limerick and Waterford will become more competitive, particularly for projects that don’t require a central location, such as corporate services or back office functions,” stated Mr Lyons.
Rents nationally were 4.2% higher on average in the second quarter of 2013 than a year previously. The average rent nationwide between April and June was €825, compared to €792 in 2012. Across Limerick, Galway, Waterford and Cork, there were 1,850 properties available to rent on August 1, down from 2,500 a year previously.