Average rent in Longford now €1,204
Market rents in Leinster's midland counties rose 11.1% year-on-year, down from 16% three months ago.
The increase reflects low availability, with just 43 homes available to rent on November 1, one quarter the level typically seen during the late 2010s.
In Longford, market rents were on average 13.8% higher in the third quarter of 2023 than a year previously. The average listed rent is now €1204, up 182% from its lowest point.
Nationwide, market rents in the third quarter of 2023 rose by an average of 1.8%, compared to the second quarter, according to the latest Rental Report by Daft.ie. Relative to a year ago, rents in the open-market are now 8% higher, with the average market rent nationwide in the third quarter just under €1,825 per month. This compares to a low of just €765 per month seen in late 2011.
For the third quarter in a row, there was a noticeable difference between trends in Dublin and elsewhere. In the capital, market rents rose by just 0.4% quarter-on-quarter – meaning rents are now 1.3% higher than at the start of the year.
However, outside Dublin, the average increase between June and September was 3%, and rents are now 9% higher than the start of the year.
All four major cities outside Dublin – Cork, Limerick, Galway and Waterford – saw significant quarterly increases in rents, of at least 5% quarter-on-quarter. Outside the cities, quarterly increases ranged from 1.8% in Leinster to 3% in Munster.
The changes in rent reflect different trends in the availability of rental accommodation.