Limerick city rents increased by nearly 12%, latest figures show

RENTS in Limerick city rose at the fastest rate in the country, jumping almost 12% in a year, new figures show.

The latest Residential Tenancies Board (RTB) Rent Index found that renters in Limerick city now pay €928 on average per month, compared to €830 during the same time the previous year.  

The latest figures also show there was an almost 3% increase in rents between the months of April, May and June, and July, August and September 2018. 

“Affordability remains an issue for the rental market with continued economic, employment and population growth contributing to rising demand across the country,” RTB director Rosalind Carroll said. 

“We can also see rents across the country have continued to increase year-on- year,” she added.

The average rent of new tenancies in County Limerick also increased by almost 9% when compared in 2017, the RTB Rent Index found. 

New tenancies in County Limerick increased to €941 from €865 during the same time last year. 

The RTB Rent Index, which is compiled in conjunction with the Economic and Social Research Institute (ESRI), also shows that although rents are now at a record high, the number of landlords is falling. 

According to the RTB, there are now 1,778 fewer landlords nationally than in 2015. 

This is a “matter of deep concern” to the RTB, according to Ms Carroll.

“If we are to meet demand and ensure a well-functioning rental sector, then we need more landlords and different types of landlords to offer market options.”

Landlords leaving is increasing pressure on the market, she added.