Rents in Louth see sharp rise of 12.9%

Rents in Louth have risen by 12.9% in the 3rd quarter of this year compared with the same period last year. 

The average monthly rent in Louth now stands at €1,536 a month compared with €1,688 nationally. 

The figure represents a quarter on quarter increase of 6.1% compared to the second quarter of this year. 

Renters in Louth can now expect to pay €1,025 a month for a one bedroom apartment in the county, a 9.1% increase.

Those renting a two bedroom house will be paying on average €1,244  a month, which represents a 10.9% increase on the 3rd quarter of 2021. 

That figure rises to €1,423 (a 11.7% increase), and €1,618 (up 9.1%) for a three and four bedroom house respectively. 

Meanwhile those looking to rent a five bedroom house in the Wee County can expect to pay €1,887 a month, up 3.7%.

Currently Daft.ie shows that there are 36 Properties to Rent in Louth.

The report also showed that property yields in Louth, the ratio of annual rents to the price of the property, stood at 10% for a one bedroom apartment; 9.7% for a two bed house; 8% for a three bed; 4.8% for a four bed and 5.6% for a five bedroom house. 

Responding to the latest Daft.ie Rental Report for Q 3 2022 showing the highest annual inflation recorded, IPAV, the Institute of Professional Auctioneers & Valuers said the flood of private landlords from the market is at a critical stage and though late in the day, the latest measures under consideration by the Government to stem the tide and improve the availability of properties are eagerly awaited.

 Pat Davitt, IPAV Chief Executive said:

“While the Daft.ie Rental Report does not give a complete picture as to the availability of properties, it is certainly indicative of the trend in terms of availability.

“Residential Tenancies Board data shows the number of termination notices received by the organisation in the first half of this year rose by 58pc compared with the latter half of 2021. 

“Again while not a complete picture it does indicate that private landlords are voting with their feet, primarily because they cannot sustain the current situation, despite record high rents,” he said.

“Though we’re in a crisis situation the Government must resist any urge to further regulate because it would exacerbate the situation, '' he said.

“The regulatory and deeply onerous taxation burden on private non-institutional landlords is largely responsible, with those confined to lower rents and having their properties undervalued for resale to other investors by reason of the current rent controls, is making private landlords run for the exit gates.”

He said non-institutional or private landlords have seen an increasing diminution of their rights over a number of years without any balancing obligations on tenants.

In May IPAV jointly with the Irish Property Owners’ Association commissioned a study by economist Jim Power that concluded the rental market is in a state of crisis exacerbated with the exit of non-institutional landlords in significant numbers, reducing supply and putting upward pressure on rents.

CEO of homelessness charity Threshold, John-Mark McCafferty, said that the report makes clear that the Government must act to control soaring rents and increase supply of affordable rental accommodation to alleviate the housing crisis.

“Threshold wishes to see an extension of Rent Pressure Zones (RPZs) to more areas in the country to safeguard against further extortionate rent increases. RPZs can have a moderating effect on rents when enforced, but they are only one part of a solution. More affordable housing is urgently needed.

“A lack of available, affordable housing across all tenures is a root cause for these problems. With just 1,087 homes available to rent on Daft on November 1st, this is approximately a quarter of the average level of availability on Daft during 2015-2019. It is clear that the Government must act now to deliver a greater supply of affordable housing and accelerate the roll-out of cost rental housing to alleviate the current crisis,” he said.

“Double digit rent increases throughout the country should not be taking place. There are protections for private renters from unfair rent increases, whether they are in an RPZ or not. It is vital that people know that Threshold can assist renters to challenge unfair rent increases and have had success in having overpaid rent returned to renters via the Residential Tenancies Board (RTB),” he concluded.