Average rents in Limerick have increased by over €590 since 2011
AVERAGE rent rates in Limerick city have increased by over 20% in the last year.
That’s according to the latest quarterly Rental Report by Daft.ie which shows that the average advertised rent in Limerick is now €809, up 44% from its lowest point.
In Limerick city, rents have risen by 20.3% in the last year and the average rent is now €1,151.
In the rest of Limerick, rents were on average 8.1% higher in the third quarter of 2018 than a year previously, according to the report, which showed that rents rose nationwide by an average of 11.3% in the year to September 2018.
This represents the tenth consecutive quarter in which a new all-time high for rents has been set and also in which annual inflation in rents has been greater than 10%.
The average monthly rent nationwide during the third quarter of 2018 was €1,334. This is €304 per month higher than the previous peak in 2008 and over €590 higher than the low seen in late 2011.
There were 3,214 properties available to rent nationwide on November 1. This marks a 4.5% decrease on the same figure a year ago and the lowest total for November on record (since 2006). There has been a small increase in availability in Dublin (up 6.4%) but this was more than offset by falls in availability elsewhere, in particular elsewhere in Leinster (down 15%) and in Munster (13%).
Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “The latest figures, showing a further strong rise in rents around the country, may not be surprising. Nonetheless, the condition of the private rental market remains a cause for huge concern, with very strong demand not being met by supply.
“A comparison of the country’s households and its dwellings reveals an acute shortage of apartments, not family homes. However, the recent increase in residential construction is being driven by estate houses, not apartment schemes. Dramatically increasing the construction of urban apartments, for both market and social housing sectors, must become the priority for policymakers in 2019.”