Signs of recovery for Longford rental market

Evidence of a long-awaited stabilisation in the local property market gained further weight this week on foot of the latest Daft.ie survey.

Evidence of a long-awaited stabilisation in the local property market gained further weight this week on foot of the latest Daft.ie survey.

Ireland’s largest property website found that prices for renral properties in Longford during the first three months of 2012 fell just four percent from their corresponding value in 2011.

Despite a near 30 percent fall off from its peak, average rent prices in Longford still average €449.

Nationally, rental prices showed an even greater improvement with average prices just 0.1 percent down on the same figures of just 12 months earlier.

“There is now a clear difference in rental trends between the major urban centres of Dublin and Cork, where rents are rising, and the rest of the country, where rents are falling, albeit slowly,” said Ronan Lyons, an economist with Daft.ie.

“This difference reflects greater demand for living near cities, which are home to most new jobs, and also reflects supply factors. The number of properties available to rent in larger cities is falling, with 13% fewer properties available to rent in Dublin now than a year ago.”