Laois rents up 12.8% as report shows mortgage more affordable

Rental costs in Laois are up almost 13% on a year earlier, rising at a slightly lower rate than the wider midlands. 

Rents in Leinster's midland counties rose 16% year-on-year, reflecting very low availability - just 39 homes were available to rent on February 1, compared to an average of almost 500 on the same date in the 2010s, according to the latest Daft.ie Rental Report. 

In Laois, market rents were on average 12.8% higher in the final three months of 2022 than a year previously. The average listed rent is now €1,292, up 145% from its lowest point recorded by Daft.ie.

The low volume of rental availability in Laois coupled with the fact that the Portlaoise and Graiguecullen Portarlington were designated Rent Pressure Zones in 2019 may explain the lower rate of rent cost increase in Laois when compared to the rest of the midlands.   

A search on Daft.ie today reveals that there are just 11 properties available to rent in the county. Of these, prices vary greatly. 

In Portlaoise there are four properties to rent.  One three bed semi detached house in Portlaoise costs €1,750 per month while another three bed semi detached house for rent at €1,110 and a third costs €1,300. The other property in Portlaoise, a one bed bungalow, is available to rent at €900 a month. 

The report shows that for one and two bed apartments and houses up to five bedrooms, it would be cheaper to have a mortgage than to rent. The figures are based on a 30 year mortgage at 3.35% variable interest. The report also states that in the case of a two percent rise in mortgage interest rates, all but the four and five bedroom properties would still cost less with a mortgage than to rent.  

https://www.leinsterexpress.ie/news/national-news/1035048/new-rents-an-average-of-13-7-higher-compared-to-winter-2021-report.html

According to the latest Daft rental report, the cost of renting a room in Leinster, outside Dublin, was 20% higher on average in the final quarter of 2022 than a year earlier, the latest report notes. 

It also found the volume of listings are down 22%.  There were almost 6,500 homes listed for rent in Leinster during 2022, down 20% on the total for 2021.