Rise in rents across Limerick creating an 'unsustainable situation'

Bruno Cirelli
Mag 10, 2017

Simon Coveney's rent pressure zones may be doing more harm than good to the private rental sector, according to the latest rent index from Daft.

In Laois, rents were on average 16.6% higher in the first three months of 2017 than a year previously.

The latest rental price report from the property website Daft.ie for the first quarter of 2017 shows that rents in Limerick city have risen to an average of €892, or 12.6% in the past year.

In the city, the average rent is 996 euro, up more than 2 per cent on the previous quarter. It is the fourth quarter in a row that a new all-time high has been set.

At €517, Leitrim is the county with the cheapest average monthly rent. In Cork, rents rose by 10.4% in the year to March, the tenth quarter of double-digit growth in rents.

The average cost of renting a home in the Republic has increased by €134 a month over the a year ago, with prices in Dublin climbing by substantially more. However, there are very few homes for sale, and a small number being built. Sitting rents, however, have increased by just 27%.

"The message from the rental market to policymakers is the same as it has been for over five years now: more supply is needed", Ronan Lyons, economist at the country's prestigious Trinity College Dublin. This is the second lowest number on record dating back to the beginning of the series in January 2006.

Martin Clancy, PR & Communications manager with Daft.ie said: "We're recording big increases in activity on site and on average over 1,000 property searches are taking place every minute on Daft.ie". It was one of counties with the fastest rising rents, just behind Louth which saw an increase of 18.3 per cent in the past year. Landlords are limited in the frequency they can increase rents.

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