RENTS in Waterford county are rising twice as fast as in the city, new figures show. In Waterford city, rents have risen by 5.5% in the last year and the average rent is now €1,007.
In the rest of Waterford, rents were on average 11.5% higher in the third quarter of 2019 than a year previously. The average listed rent is now €962, up 69% from its lowest point.
The figures, from Daft.ie, are in keeping with a national trend which has shown rents in cities rising more slowly than elsewhere.
In Munster, rents rose by an average of 10.1% in the year to September 2019 and are now 23% above their previous high in early 2008.
Rents rose by an average of 5.2% nationwide in the year to September 2019, according to the latest quarterly Rental Report by Daft.ie. This marks the lowest rate of rental inflation across the country since the second quarter of 2013.
However, at €1,403, the average monthly rent nationwide during the third quarter of 2019 marks the fourteenth consecutive quarter of record rents.
rent is now €373 per month higher than the previous peak
The average listed rent is now €373 per month higher than the previous peak in 2008 and almost €660 higher than the low seen in late 2011.
In Dublin, the increase in rents in the year to September 2019 was 3.9%, the 33rd consecutive quarter where rents have risen but the slowest increase since mid-2012.
Inflation has also slowed in Leinster, with rents 4.3% higher than a year ago, down from inflation of 10% or more between 2014 and 2018.
Similarly, in the other major cities, rents have risen by between 5.5% and 6% year-on-year – a dramatic slow-down in inflation in some cases. Elsewhere in the country, rents continue to rise at faster rates, with increases of 10.1% in Munster and 8.2% in Connacht-Ulster in the year to September.
number of homes available to rent nationwide is up 10%
The number of homes available to rent nationwide is up 10% from the same date a year ago. This marks the eleventh time in twelve months that rental availability has improved, albeit from record lows.
Average rents, and year-on-year change, at the third quarter of this year are –
- Dublin: €2,044, up 3.9%;
- Cork: €1,372, up 5.5%;
- Galway: €1,299, up 5.9%;
- Limerick: €1,219, ;up 5.9%;
- Waterford: €1,007, up 5.5%;
- rest of the country: €1,001, up 6.8% accommodation nationwide.