Average rents in Limerick increase again as supply hits new low
AVERAGE monthly rents in Limerick have risen as supply hits a new low, figures have confirmed.
According to the latest Daft Rental Price Report, which has just been published, the average monthly rent for a property in County Limerick is now €1129, up 96% from its lowest point.
In Limerick city, rents have risen by 15.5% in the last year and the average rent is now €1485 according to the latest report.
Rents in Munster rose 12.6% year-on-year, reflecting very low availability - just 131 homes were available to rent on May 1, down over two thirds year-on-year.
Nationwide rents in the first quarter of 2022 were an average of 11.7% higher than the same period a year earlier.
The price of renting a one bed apartment in Limerick city has risen 16.4% to €988 compared to the same quarter last year.
The rental cost of a two bedroom house has gone up by 14.2% to €1,153 and a three bed house has risen to €1,344 annually.
A four bedroom house will now cost renters €1,654 a month, an increase of 13.8% and a five bed in Limerick city has gone up by 33.4% to €2,095.
Meanwhile the cost of renting a one bed apartment in County Limerick has risen by 10.8% to €743 compared to the same time last year.
A two bed house now costs €855 to rent on a monthly basis, an increase of 10.3%, and the price of a three bed house has risen by 12.9% to €987.
The cost of a four bed house has risen by 10.9% to €1,126 and a five bed house will now cost €1,597 on a monthly basis, a rise of 40.6%.
The average market rent nationwide between January and March was €1,567 per month, up 2.8% on the last three months of 2021 and more than double the low of €765 per month seen in late 2011.
Nationwide, there were just 851 homes available to rent on May 1st, down from over 3,600 a year ago and another new all-time low in a series that extends back over fifteen years to 2006.
Commenting on the Daft report, its author Ronan Lyons, economist at Trinity College Dublin, said: "While strong demand for housing reflects underlying economic health, it becomes a challenge when there is inadequate supply to meet it. In Ireland’s case, the economy has suffered from an under-provision of new rental accommodation for over a decade.
"As a result, market rents have doubled and, as shown in this latest report, rental homes have become unbelievably scarce. New figures confirm that sitting tenants have experienced much smaller increases in rents – both during 2021 and over the last ten years."