laois rents rising but cheaper than many counties

The year-on-year increase in the average rent Laois has risen by justover 2% according to the latest report from Daft.ie

The year-on-year increase in the average rent Laois has risen by justover 2% according to the latest report from Daft.ie

The quarterly national rental report reveals that rents in Laois rose by 2.2%. This increase was ahead of Longford, Westmeath, Offaly, Kilkenny and Carlow. The rise also put Laois ahead of many other counties around the country outside Dublin.

However, the average monthy rent in Laois is now €541 which is the second cheapest county to rent in Leinster outside Longford.

Nationwide accelerated to 4.8% in the third quarter of 2013, up from 4.2% in Q2, according to the quarterly Rental Report. The acceleration is due mainly to trends outside Dublin, with rental inflation outside Dublin rising from 0.9% to 1.8% in recent months. The average rent ationwide is now €824.

In Dublin, rents were 7.6% higher than a year previously. Outside Dublin, rents in the other cities are rising but less rapidly,

Outside the cities, rents rose by 2.7% in Leinster and 0.9% in Connacht-Ulster but were static in Munster.

Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said: “An acute shortage of rental accommodation has now emerged in Dublin, with fewer properties on the market now that at any point since records start in January 2006. Clearly, any NAMA supply in the capital would be a welcome addition in easing tenant concerns.

Elsewhere, markets look relatively balanced with oversupply from 2009 having corrected itself in many counties.”

Year-on-year change in rents - major cities, Q3 2013

Dublin: €1,152, up 7.6%

Cork: €831, up 3.1%

Galway: €816, up 3.6%

Limerick: €662, up 1.8%

Waterford: €601, down 1.6%

The full report is available from www.daft.ie/report and includes a commentary by Ronan Lyons, Assistant Professor of Economics at Trinity College, Dublin, and author of the Daft Report, as well as an analysis of affordability and statistics on residential yields around the country.