Although a new report by Daft.ie showed that rents rose in the third quarter of the year, Sligo was the only county in the North west to see the jump.
The average rent being paid by Co Leitrim residents each month is €487 according to the new report by property website Daft.ie this week. This figure is a decrease of 1.3% on the second quarter’s figures.
Sligo’s rent was the only county in the North West to see an increase, rent is approx €640 a month. Around the region Donegal reported €580, Roscommon €565, Cavan €526 and Longford €484.
The average rent nationwide now stands at €840 a month. It means that rents in October were just 2% lower than a year ago and 27% below their peak.
The stabilisation is being driven by urban areas, where rents have, in some places like South County Dublin, increased in each of the last three quarters. Outside the main cities however, rents fell by about 0.7%, a continuation of ongoing falls during the year.
Daft.ie’s economist Ronan Lyons said the signs that rents are levelling off reflects a better balance between supply on the market and demand. “The total number of properties sitting on the rental market around the country is down more than a quarter from a year ago. In the cities, the fall is closer to a half,” he stated.