RENTS in Limerick city have risen by a bigger percentage than any other city in Ireland, according to the latest quarterly rental report by Daft.ie.
In Limerick City, the monthly rents have risen by 10.5% in the last year, and the average monthly rent is now €1225.
This is more than twice the rate of inflation seen in Dublin, which up 4.5%.
Rent in Dublin is now €2,023, which is up 4.5%. Rent in Cork is now €1,366, up 7.9%. Rent in Galway is now €1,297, up 9.1%. Rent in Waterford is now €1,013, up 10.0%.
Those renting are now having to pay over €500 more every month than those who are paying a mortgage.
In Limerick City, the average monthly rent for a three-bed house is €1,182. That compares to an average mortgage of €675, which leaves a difference of €507.
Limerick TD, Jan O’Sullivan fears that the recent inclusion of Limerick as a rent pressure zone may have come too late.
“Rents in Limerick are unaffordable and pushing many families into homelessness, the recent inclusion of the whole city as a rent pressure zone should help but the 4% yearly increase allowed will have to be monitored carefully and is already too late for many in Limerick," said Deputy O’Sullivan.
The average rent for a one-bed apartment in Limerick city will now cost someone €905, up 14.5% from last year. A two-bed house will cost €1020, up 12% from last year.
A three-bed house will cost €1182, a rise of 10.8% on last year, a four-bed house will now cost €1302, a rise of 10.9% of last year and a five-bed house will cost 1375, which is an increase of 6.8% from last year