Longford rents rise by 20.3% as availability worsens

Market rents in Longford were on average 20.3% higher in the first quarter of 2023 than a year previously.

According to the latest Rental Report by Daft.ie, the average listed rent in county Longford is now €1,114, up 161% from its lowest point.

Nationally, that €1,114 figure is the 4th least expensive rent in the country, with neighbouring Leitrim being the least expensive at €960. 

Rents in Leinster's midland counties rose 14.5% year-on-year, reflecting very low availability.

Indeed, just 22 homes were available to rent on May 1, one eighth the level typically 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.

Nationwide, there were just 959 homes available to rent on May 1.

While this is up 13% on the same date last year, it still represents one of the three lowest totals for availability at the start of the month in a series that extends back to the start of 2006.

Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft.ie Report, said: “The figures in this latest report offer some crumbs of comfort for those of us gravely concerned about the health of Ireland’s rental market. For over a decade now, the rental market has been characterized by worsening availability and, as a consequence, higher and higher rents."

Average market rents, and year-on-year change, 2023 Q1
●    Dublin: €2,337, up 11.2% year-on-year
●    Cork city: €1,731, up 7.7%
●    Galway city: €1,772, up 11.8% 
●    Limerick city: €1,645, up 10.8%
●    Waterford city: €1,399, up 10.8%
●    Rest of the country: €1,373, up 12.7%