As supply dwindles rents continue to rise in Laois with average now hitting €1,204, according to to Daft Rental Price Report.
The “chronic shortage” of rental properties in Laois was echoed nationwide as just 716 homes available to rent in Ireland on August 1, down from almost 2,500 a year ago and another new all-time low in a series that extends back to 2006.
In Laois, market rents were on average 10.8% higher in the second quarter of 2022 than a year previously. The average listed rent of €1,204 is up 128% from its lowest average Laois rent of €528 recorded by Daft.
Rents in Leinster's midland counties rose 13.1% year-on-year, reflecting the sharp fall in availability - just 29 homes were available to rent on August 1, down 47% in 12 months.
A search of Daft and Myhome.ie on Tuesday afternoon revealed just two houses for rent. One four bed in Ballacolla for €3,500 per month and one four bed in Portlaoise for €1,500 a month. The figures for Laois show rents rose by 3% in the last three months and up 10.8 %.
According to Daft.ie, rental stock is at a record low. There were just 147 homes listed for rent in Leinster (outside Dublin) on August 1, less than one quarter of the average level for the same date in 2015 to 2019 and by far the lowest level of availability in August going back to 2006.
Although not broken down to county, room rental costs in Leinster- excluding Dublin- rose by an average of 14% across the province as supply reduced.
The average market rent nationwide between April and June was €1,618 per month, up 3.3% on the first three months of the year and more than double the low of €765 per month seen in late 2011.
Commenting on the report, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, Ronan Lyons said: “A resurgent economy over the last year has accentuated the chronic shortage of rental housing in Ireland. While the professional rental sector has added over 7,000 new rental homes in the last five years, this is small relative to the fall of 30,000 in rental listings each year in the traditional rental sector in the same period or the fall of 100,000 listings per year since 2012.
The shortage of rental accommodation translates directly into higher market rents and this can only be addressed by significantly increased supply. While there are almost 115,000 proposed rental homes in the pipeline, these are concentrated in the Dublin area. Further, while nearly 23,000 are under construction, the remainder are earlier in the process and the growth of legal challenges to new developments presents a threat to addressing the rental scarcity.”
The latest Daft report shows the highest year-on-year increase in market rents nationally since the launch of the Daft Report in 2005.
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