Rent
prices fall in county

Rent prices in County Leitrim fell by 4.4% in the second quarter of 2012 by comparison to this time last year according to the latest report from property website daft.ie.

Rent prices in County Leitrim fell by 4.4% in the second quarter of 2012 by comparison to this time last year according to the latest report from property website daft.ie.

The research shows that average rent in the county is now w453 per month, a fall of 25% from peak times. Across Connacht, rents fell by 3.5% on average between the second quarter of 2011 and the same period in 2012. Rents nationwide are 0.5% lower in the second quarter of 2012 than a year previously while between April and June of this year, the average advertised rent in the country was w809 per month, compared to w814 during the same period in 2011.

The last twelve months have seen rents rise in Ireland’s major cities but continue to fall elsewhere. Rents in Dublin are up to 2% higher than a year previously, as are rents in Cork City (up 1.7%). In Galway, rents are up marginally (0.2%). In Limerick, prices are 0.9% below the level of a year ago while in Waterford city, rents have fallen by 4.5%. Outside the cities, rents are down year-on-year by between 1.3% and 3.5%.

With CAO points released earlier this week, the latest figures will make interesting reading for new and returning college students. The study showed that areas close to TCD, DIT, DCU and NUI Galway have seen small increases in the last twelve months, while students in Tralee, Waterford and Dundalk can expect savings up between 4% and 6% on average. Commenting on the report, USI (Union of Students Ireland) President John Logue said: “Rents are still down 25% from their peak in 2007, meaning students now are at a significant advantage compared to their boom-time peers. Savings in rents provide a rare comfort to families that are faced with ever-increasing costs.”