Average rents in County Limerick increased significantly last year
AVERAGE monthly rents in County Limerick have risen by almost 10% over the past year - three times the rate of increase in the city.
According to the latest Daft Rental Report, which has just been published, the average monthly rent for a property in County Limerick was €978 at the end of December - representing a 3.7% increase compared to the previous quarter and a 9.9% change year-on-year.
While average monthly rents in Limerick city are higher then the county, at €1,266, the year-on-year increase was 3.9%.
According to Daft, the average rent for a one-bedroomed apartment in the city was €929 (+2.9% y-o-y) at the end of December, 2020 compared to €1,015 (+0.5%) for a two-bedroomed house and €1,160 (-0.6%) for a three-bedroomed house.
The report also shows it cost and average of €378(-12.9%) to rent a single room in the city while it costs an average of €365 (-3.2%) to rent a single room in the suburbs.
In the county average rents were €675 (+9.2%) for a one-bedroomed apartment; €749 (+7.5%) for a two-bedroomed house and €856 (+6.3%) for a three-bedroomed house.
Commenting on the Daft report, its author Ronan Lyons, economist at Trinity College Dublin, said: "Often people query whether the basics of supply and demand apply to the housing market. These latest figures should remove any lingering doubts about the importance of supply in lower rents. Outside Dublin, Covid-19 has led to a further worsening of supply conditions in the rental market, with the number of homes coming on each month down 17% on already low levels. While demand for rental homes outside the capital has fallen – with the rise in unemployment – it has not fallen as much as supply, pushing rents further upwards".