Latest figures show Laois rents continue to spiral

Latest figures show Laois rents continue to spiral
Express Reporter news@leinsterexpress.ie @laoisnews

Laois rents were on average 12.4% higher in the third quarter of 2017 than a year previously, according to the latest figures form Daft.ie

The average advertised rent is now €812 in Laois, up 61% from its lowest point according to the property website's latest analysis of the Irish rental market - the quarterly Rental Price Report.

Latest market figures on Daft.ie show that there are just 51 properties to rent in Laois this year.

More than half of these, 31, were in the Portlaoise area.

However, there are 65 properties listed Tullamore, more than double the number of houses for rent than listed in Portlaoise .

Daft.ie lists Portarlington as having just seven rental properties in Laois and two on Offaly side of the River Barrow.

In Mountmellick there are just seven homes for rent. In Graiguecullen, on the Carlow border, just four properties are listed.

The cheapest property listed by Daft.ie in Laois at the Old Mill, Portlaoise. The one-bed appartment is listed at €600 a month.

The most expensive to house to rent in Laois is at Cullenagh near Ballyroan. The five-bed is listed at €1,450 per month.

Most homes that would be suitable for families are listed as being available for rent at €900 or above a month.

Laois County Council has unsuccessfully sought to have Laois or part of the county to be designated as a rent pressure zone.

This would cap rent rises at 4% annually.

For an area to be designated a Rent Pressure Zone, rents in the area must be at a high level and they must be rising quickly - the annual rate of rent inflation in the area must have been 7% or more in four of the last six quarters.

The average rent must also be for tenancies registered with the Residential Tenancies Board in the previous quarter must be above the average national rent in the quarter( the National Indicative Rent in the RTB’s Rent Index Report).

As to where Laois stands on rents nationally, Daft.ie figures show that it has the fourth fastest rate of rent incrase in Ireland - surpassed only by Louth, Meath and Offaly.

Laois is now in the third tier of Leinster counties in terms of the cost of renting.

It sits with as Kilkenny which has a city, Carlow which has a big student popultion and Westmeath, which has two big towns.

Rents rose nationwide by an average of 11.2% in the year to September 2017 according to daft. The average monthly rent around Ireland during the third quarter of 2017 was €1,198, the sixth quarter in a row a new all-time high has been set. The rate of inflation represents a slight slowdown from the second quarter of 2017 (11.8%); the largest on record was the 13.5% increase recorded in late 2016.

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “Rents continue to rise, and rise at close to record rates, due to an acute and worsening shortage of accommodation”.