Rents soar in Louth over past year

Rents in Louth have soared by 8.3% in the past year, with the average rent in the county now standing at €1,664, according to the latest rent price report from property website, Daft.ie. They now stand at 161% higher than they were during the last recession.

As of today 14 November, there are just 39 properties to rent on the Daft.ie website in the whole of Louth, a county with a population of 139,703.

Looking at rents in Louth for different size homes, the average market rent for a one bed apartment in Louth now stands at €1,090, up 6.3% on the same period last year. 

For a two bed house, average rents have gone up by 5.5% and now stand at €1,312 a month. Three bed houses have gone up by 8.1% and now stand at €1,539.

The average market rent for a four bed house in Louth is now €1,786, which represents a 10.4% annual increase. The only type of home that has seen an annual decrease in Louth, is five bed houses, which have seen an annual decrease of 7.4%, with average market rents standing at €1,747.

For some homes in Louth, it remains much cheaper to buy than to rent, with in the case of one bed apartments, monthly mortgage repayments being less than half the monthly average rent.

Using current mortgage repayments based off the following parameters: 3.5% interest rate, for a term of 25 years, with a 90% LTV, the monthly mortgage payment for a one bed in Louth is €486, less than half the €1,090 average market rent for the same property.

For two bed properties, mortgage repayments are €697, while the rent is €1,312. For three bed houses, the mortgage is €998, while the rent is €1,539.

For both four and five bed houses, the mortgage repayments are higher than rent payments. On a four bed house, the mortgage repayments are €1,909 per month, while the rent is €1,786; and for five bed houses, the mortgage payments are €1,961, while rents are €1,747.