Average rents in Limerick continue to rise as supply shortage worsens
AVERAGE monthly rents in County Limerick have risen by more than 11% over the past year - significantly more than the rate of increase in the city, new figures have revealed.
According to the latest Daft Rental Price Report, which has just been published, the average monthly rent for a property in County Limerick was €1,032 at the end of June - up from €1,003 at the end of March.
The latest figure represents a 2.9%% increase compared to the previous quarter and a 11.6% change year-on-year.
While average monthly rents in Limerick city are higher then the county, at €1,337, the year-on-year increase was 9.8%.
According to Daft, the average rent for a one-bedroomed apartment in the city was €973 (+6.3% y-o-y) at the end of June compared to €1,081 (+7.7%) for a two-bedroomed house and €1,222(+6.2%) for a three-bedroomed house.
The report also shows it cost an average of €399 to rent a single room in the city centre while it costs an average of €384 to rent a single room in the suburbs.
In the county average rents were €693 (+4.4%) for a one-bedroomed apartment; €780 (+6%) for a two-bedroomed house and €882 (+4.6%) for a three-bedroomed house.
Commenting on the Daft report, its author Ronan Lyons, economist at Trinity College Dublin, said: "As the impact of Covid-19 on daily life begins to recede, the underlying issues facing Ireland’s rental sector are re-emerging. It is a sector facing unprecedented shortages, with extraordinarily tight supply."
Mr Lyons added: "Ireland’s rental sector has undergone a lost decade and half, with almost no new rental homes built. This cannot be solved by trying to regulate prices. It can only be solved by adding significant amounts of new supply – and not only in Dublin."