Kilkenny rental prices rise again in new Daft report
The report showed a 21% year-on-year reduction in rental stock nationally
House, apartment and room rental prices increased across a number of types in Kilkenny over the last year according to a new Daft report released this week.
As housing supply continues to tighten nationally, rents across the country rose by an average of 4.3% in the year to September with local prices reflecting this jump.
The price of renting in a shared house rose across the board with a double ensuite room now costing an average of €707 per month, a 5.8% increase. This was also the case for a double room with no ensuite which is now available for around €623, 8.1% more than a year ago and a single room with no ensuite will set renters back an average of €525 monthly, a 6.1% hike.
Rents surged in full dwellings too. An average one bedroom apartment now costs €1,080 per month, up 1.6% while two bedroom apartments stand at €1,326, a jump of 3.4%. Three bedroom houses also increased up to €1,589, although at a smaller rise of 0.7%.
There were rent reductions in some circumstances however, as an average two bedroom house came down 5.1% monthly to €1,338 and a four bedroom residence dropped to €1,816, a decline of 6.2%.
Commenting on the report, Professor in Economics at Trinity College Dublin, Ronan Lyons said: “The picture remains unchanged - this is a market starved of supply. Rents are now one third higher than they were just over five years ago and indeed two thirds higher than their Celtic Tiger peak.”
“The easing off of inflation - from over 13% in 2022 to 4.3% now - has been welcome. However, the sharp fall in availability of homes to rent suggests that any further pressure on rents over the coming quarters will be upwards.”
“While it will take years, significant amounts of new rental supply - all around the country - are required to change conditions in the rental market,” he concluded.