Longford rent prices are on the rise

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Rents on the rise

According to the latest Daft.ie report Longford rents were on average 14.3% higher in the third quarter of 2018 than a year previously.

According to the latest Daft.ie report Longford rents were on average 14.3% higher in the third quarter of 2018 than a year previously.

The average advertised rent is now €680, up 69% from its lowest point.

Meanwhile, the average monthly rent nationwide during the third quarter of 2018 was €1,334. Which comes in at €304 per month higher than the previous peak in 2008 and over €590 higher than the low seen in late 2011.

In Dublin, the increase in rents in the year to September 2018 was 10.9% and rents in the capital are now 36%, or over €520 a month, higher than their previous peak a little over a decade ago.

Rents continue to rise rapidly in other cities also. In Limerick city, rents were 20.3% higher than a year ago, while in Waterford, the increase was 19.7%. Galway saw its rents increase by 16.1% in the same period, while in Cork, rents rose by 13.7%. Outside the five main cities, rents rose by an average of 10.6%.

There were 3,214 properties available to rent nationwide on November 1; the company says this marks a 4.5% decrease on the same figure a year ago and the lowest total for November on record (since 2006).

There has been a small increase in availability in Dublin (up 6.4%) but this was more than offset by falls in availability elsewhere, in particular elsewhere in Leinster (down 15%) and in Munster (13%).

Commenting on the report, author Ronan Lyons said the latest figures, show a further strong rise in rents around the country.

“Nonetheless, the condition of the private rental market remains a cause for huge concern, with very strong demand not being met by supply,” he added.

A comparison of the country’s households and its dwellings reveals an acute shortage of apartments, not family homes.

“However, the recent increase in residential construction is being driven by estate houses, not apartment schemes. Dramatically increasing the construction of urban apartments, for both market and social housing sectors, must become the priority for policymakers in 2019.”

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