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27/10/2021

Limerick rents soar past cost of living in downtown New York

Limerick rents soar past cost of living in downtown New York

Shelbourne House at North Circular was available to rent for €4,000 a month

RENTAL prices in Limerick city have soared to the extent where it’s now cheaper in some cases to lease an apartment in New York.

A major new study has revealed that average monthly rental prices locally have surged almost 10% in the last year to €1,196.

Only a handful of properties are available in the city on the rentals web site daft.ie, with one home commanding an asking price of €5,000 per month.

A local auctioneer says he receives enquiries “within minutes” of an advert going live on the internet.

Eoin Hogan, Hogan Durkan, who recently helped lease a home in the North Circular Road for €4,000-a-month, said: “This week, we put something up on Daft, and the level of interest is incredible. You sign up for e-mail alerts, and a lot of people will contact you by telephone, mostly within minutes.”

Data published by the Residential Tenancies Board now shows that the number of tenancies it surveys are down by 14.6% year-on-year, suggesting a big reduction in supply.

At the top end of the rental market here, the property at the luxurious four-bedroom, five-bathroom home in Shelbourne Square is going for €5,000 a month.

But even the cheapest home available to rent will fetch a rate of €1,100 a month.

Across the pond in New York, the cheapest flats in Manhattan start at the equivalent of €1,044 per month, according to ApartmentFinder.com.

The agent seeking to rent out the property for €5,000-a-month declined to comment.

But Mr Hogan, who has agreed a let of a property in the same neighbourhood for €4,000, said there was significant interest in spite of the price tag.

“It’s at the top of the market, so you won’t get your usual flurry of enquiries. But I think corporate clients are returning to the market. You’ve seen people working from home, or who need a base in the city close to Shannon, they’d be interested in property like this,” he explained.

In 2007, the average local rent stood at €852 a month, bottoming out in mid-2010 at €558.

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