Daft.ie

Rents rise by 7.4% in Leitrim

Claire McGovern

Reporter:

Claire McGovern

Cost of renting increasing Donegal

Rents have risen by 7.4% in the county.

In Leitrim, rents were on average 7.4% higher in the final three months of 2016 than a year previously. The average advertised rent is now €502, up 22% from its lowest point.

Rents rose nationwide by an average of 13.5% in the year to December 2016, according to the latest quarterly Rental Report by Daft.ie. This is the largest annual increase in rents ever recorded in the Daft.ie Report, which extends back to 2002. In addition, at €1,111 in the final three months of the year, the average monthly rent nationwide is at a new high, for the third quarter in a row.

In Dublin, the annual rate of inflation in rents during 2016 was 14.5%, the second highest rate on record since 2002. Rents in the capital are now 13.7% higher than their previous peak in early 2008 – or an average of almost €200 a month. In Cork, rents rose by 12% during 2016, down from 18% earlier in the year. Rents in Galway are 10% higher than a year previously, while rents in Limerick have risen 12.5% in the last year. In Waterford city, rents have risen by 10.7% in twelve months, the same as outside the major cities.

There were just under 4,000 properties available to rent nationwide on February 1. This marks a slight improvement on the same date the previous year, when there were just under 3,600 properties available. However, it remains just one quarter of the level seen five years previously, when there were almost 12,000 properties available to rent nationwide.