The Daft.ie report shows rents are up across Limerick
NEW figures showing a rent rise of 12.6% in Limerick city and nine per cent in county Limerick over the past year are "deeply worrying".
The latest rental price report from the property website Daft.ie for the first quarter of 2017 shows that rents in Limerick city have risen to an average of €892, or 12.6% in the last year.
In the rest of Limerick, rents were on average 9% higher in the first three months of 2017 than a year previously. The average advertised rent in county Limerick is now €698, up 24% from its lowest point.
Pat Doyle, chief executive of the Peter McVerry Trust, the homeless charity which has established a presence in Limerick, said "the current situation is unsustainable.
"Tenants are under huge pressure, and those who are dependent on the rental system for their housing needs are looking at rents that are now, on average, €892 in Limerick city and €698 in the county. Our concern is that rapidly rising rents will lead to more tenants becoming homeless,” said Mr Doyle.
Mr Doyle said figures this week showing that there were just 114 properties to rent in the entire county of Limerick is "well below that required in the region.”
Rents rose nationwide by an average of 13.4% in the year to March 2017, according to Daft.ie.
Meanwhile, in Dublin, the increase in rents in the year to March 2017 was 13.9%. Rents in the capital are now 15.4% higher than their previous peak in early 2008 – an average of almost €225 a month.
In Cork, rents rose by 10.4% in the year to March, the tenth quarter of double-digit growth in rents. Rents in Galway saw a similar rate of increase, rising by 10.6% in a year. In Waterford city, rents have risen by 10.2% in twelve months, while outside the cities, rents have risen by 13.2%.
There were just 3,084 properties available to rent nationwide on May 1. This is the second lowest number on record, in a series that starts in January 2006. The availability of rental accommodation thus has not improved on the all-time low recorded in May 2016, when 3,082 properties were available nationwide.
“The market continues to exhibit signs of extreme distress," said Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report.
"Rents are at a new all-time high, while the number of homes available to rent remains at the lowest levels on record.”