Double digit rental price rise in Limerick city

Nick Rabbitts

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Nick Rabbitts

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nick@limerickleader.ie

Double digit rental price rise in Limerick City

The average rent in Limerick city now stands at €1,171

THE average rent in Limerick city is now €1,171 – an annual rise of almost 17% – new figures have shown.

According to the quarterly report by property web site, www.daft.ie, outside the city rents were on average nine per cent higher in the fourth quarter of 2018, with the average advertised rent now €827 – up a massive 47% from its lowest point back in 2011.

Ronan Lyons, economist at Trinity College Dublin, who authored the report, said additional supply of homes is key, in the rental sector.

“Construction of new homes remains focused on one-offs and estate housing, while the overwhelming need is for apartments, in particular for renters. It remains to be seen, therefore, whether the modest improvement in conditions over recent months continues,” he said.

Martin Clancy from Daft.ie added: “Demand in the rental market remains very, very high with over 1,000 property searches now taking place every minute on Daft.ie.”

Rents in other Irish cities continued to climb – in Dublin, the average rate for tenants was €1,982, up 8.8% year-on-year.

In Cork, the average stood at €1,314, up 11.4%, in Galway, its €1,239, up 13.1%, while in Waterford, the average rate is €968, up 16% annually.