Availability of rental homes in Tipperary up 174% in July, according to new report
Tipperary saw a 174% increase in the availability of rental properties in the month of July.
According to Limerick Chamber, who compile the monthly Mid-West Rental Monitor, there were 19 properties to let in Tipperary in June.
This jumped to 52 in July, with Clare also seeing a large increase at 46%. While Limerick remained the same.
However, regarding Tipperary, this is still below the 55 homes available to rent in Tipperary in August 2022.
Limerick Chamber say they were initially sceptical about what they called a ‘dramatic increase’ but have been able to verify it with some local estate agents.
Economic and Policy Analyst at Limerick Chamber Eoghan Carr said this could be an outlier, or it could be the result of an emerging trend.
“July experienced the largest increase in residential rental availability in the mid-west since our records began in August 2022. This major increase sparked scepticism, and we spoke to local estate agents where roughly one third verified they were seeing supply increases, while two thirds haven’t noticed anything significant.
“July could be an outlier, but only time will tell.
“The type of homes on offer has shifted towards smaller dwellings such as apartments and one-beds. This is most welcome,” said Mr Carr.
SMALLER HOMES
Tipperary saw an increase to 16 apartments available to rent. There was also an increase of two ‘granny flats' available in the county.
Tipperary had a high concentration of homes available in certain areas.
Thurles had the highest concentration at 12, followed by Carrick on Suir at seven.
Cashel had six, Clonmel five and Cahir four homes.
The report also showed that of the 52 properties available, none were student accommodation. Three were short-term rentals, and none were executive homes.
RENT INCREASE
The average rent in Tipperary increased 14% in July to €1,304. This is 16% higher than rents in August 2022.
Chief Economist and Director of Policy at Limerick Chamber Seán Golden said it is significant that rent prices are increasing with supply in Tipperary.
“Historically, Tipperary has been the most affordable place to rent in the mid-west. However, in July, they have closed the gap with Clare and Limerick.
“This is important to note, while supply might increase, that does not mean that prices will decrease – this month has shown the opposite. Over the last year, across all three counties, prices have been trending upwards,” said Mr Golden.
DAFT.IE
Daft.ie published their Irish Rental Report Q2 2023 last Thursday. Their quarterly measurements show a ‘sharp rise’ in rent prices for Tipperary and Munster in quarter two of this year.
The average rent in Tipperary increased 3.5% between March and June and 15.4% on the same period last year.
This represents a 119% change from trough.
The report said compared to a year ago, market rents in Munster are 10.6% higher.
This is the ninth quarter in a row of double-digit increases. Munster saw a 3.6% increase in rent price in the second quarter of 2023, compared to an increase of 1.6% seen in quarter one.
Responding to the Daft.ie report, Nenagh Labour Party local election candidate Louise Morgan Walsh urged the Government to consider their Renters’ Rights bill.
“Renting remains utterly unaffordable.
“Coupled with poor supply, renters remain at the mercy of landlords.
“That’s why Labour is urging Government to wake up and implement Labour’s Renters’ Rights Bill, which would, among other measures, introduce a transparency register so prospective renters can see what rents previous tenants were charged.
“Increasing transparency in the market is just one of a range of measures currently lacking,” said Ms Morgan.