Average rent in Limerick city up 6.2% to €700 monthly

Average monthly rents in Limerick have risen
RENTS in Limerick city have risen by 6.2% in the last year and the average rent is now €702.

RENTS in Limerick city have risen by 6.2% in the last year and the average rent is now €702.

The latest rental report from Daft.ie shows that in county Limerick rents were on average four per cent higher in the final quarter of 2014 than a year previously.

The average advertised rent is now €604, however it is still a fall of 21% from the peak.

Nationwide, year-on-year inflation in rents eased in the final three months of 2014, according to the latest quarterly rental report by Daft.ie.

The national average rent between October and December was just under €950, that’s 9.7% higher than last year.

However, this is down from a 10.8% annual increase in the second and third quarters and marks the first time since mid-2009 that rental inflation has eased.

In Munster, rents rose by an average of 4.2% in the year to December 2014, compared to static rents a year previously.

In the other city centres, rents continue to rise but at a slightly slower pace.

In Cork city, rents are 7.3% higher than last year. In Galway they are seven per cent higher while Waterford city rental inflation was at 5.1% in the final three months of 2014.

There has been more rapid inflation in Dublin’s commuter counties. Rents across the four commuter counties were 14.1% higher than a year previously in late 2014 - the first time in this cycle that inflation has been slower in Dublin than in its commuter counties, related to a significant tightening of supply. Nationwide, there were just over 5,200 properties available to rent on February 1, down more than a quarter on the same figure a year previously. This is the lowest level of availability nationwide since May 2007. Ronan Lyons, economist at Trinity College Dublin, and author of the Daft Report, said the underlying lack of construction in Dublin, which is growing by roughly 10,000 new families every year has created a new generation of commuter, one driven not by preference for green space but by the hard maths of affordability.”

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