New report reveals that rents rose by more than 17% in Limerick city in last year

Nick Rabbitts

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Nick Rabbitts

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nick@limerickleader.ie

Rents rise 17% in Limerick City

RENTS rose in Limerick by more than 17% in the last year, bringing the average price tenants are paying to €1,044, new figures show.

According to the latest quarterly rental report from property web site www.daft.ie, rents were on average 17.1% higher for the first three months of 2018 than a year previously.

Across the county, rents were on average 11.1% higher, with the average advertised rent now €776 – up a massive 38% from its lowest point.

Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “Rents have now been rising almost three times as long as they fell in the crash and the increases show no signs of moderating. With the exception of Donegal – where Brexit is having a clear effect on the local market – the problem is countrywide, although it is certainly most acute in Dublin.

"It is clear that, for those who have to look for a new home in the open market, rental inflation remains well above any reasonable measure of health. But as ever, rents are only the symptom. The cause remains a chronic and worsening lack of rental supply.

"Policy must focus on dramatically increasing the construction of urban apartments over the coming years, in order to meet both the backlog of demand and the country’s needs over coming years and decades.”

Martin Clancy from Daft.ie said: “Interest in the property market continues to increase with, on average, over 1,000 searches now taking on Daft.ie every minute.”

Across the rest of the country, the average rent now stands at €883, up 10.1%.

In Dublin, the average rent is at €1,875, a rise of 12.4%, while in Cork, it rose 9.3% to €1,210.

Waterford’s average stands at €868, up 14.6%.

There were 3,086 properties available to rent nationwide in April. This is the lowest number ever recorded for this time of year since the series started in 2006, and the figure marks a 17% decrease on the same date a year previously.

In Dublin, there were just 1,265 homes available to rent, one third below the average over the last five years and just one quarter of the average in the period 2008-2013.