Cost of monthly rental in Donegal rises to average of almost €1,000
Rents have risen by an average of 16% in the county in the last year
The cost of renting accommodation in Donegal has risen by an average of 16% in the last year, the latest figures show.
The latest rental price report from Daft.ie compares prices of rental from the first quarter of 2023 to a year previous.
Average rental prices in Donegal are €655 for an apartment, €775 for a two-bedroom house, €887 for a three-bedroom house, €997 for a four-bedroom house and €1,133 for a five-bedroom house. The average listed rent in the county is now €994, up 105% from its lowest point.
The report shows rents in the three Ulster counties rose 17.2% year-on-year, reflecting a lack of availability with just 83 homes available to rent on May 1. This was above the level seen on the same date in 2022 but less than half the typical availability seen during the late 2010s.
Nationally, market rents in the first quarter of 2023 were an average of 1% higher than in the final three months of 2022, the smallest quarterly increase since 2020.
Compared to a year ago, however, market rents are 11.7% higher, reflecting large increases seen during 2022. The average market rent nationwide between January and March was €1,750 per month, compared to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011.
Commenting on the report, Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft.ie Report, said: “The private rental market has been under increasing stress over the last two years, as first society reopened after the Covid-19 pandemic and then the war in Ukraine led to a refugee crisis. There are some signs that, if things are not getting better, then they are getting much worse. Availability of homes to rent has stopped falling, albeit at extremely low levels, while the quarterly change in rents seen January to March was far smaller than the average increase seen in 2021 and 2022.”