Daft.ie recently published their rental report for Q3 of 2019 and it showed that in the Midlands counties of Laois, Westmeath, Offaly and Longford, rents rose by an average of 7% in the year to September 2019 and are now 36% above their previous peak in early 2008.
In Longford, rents were on average 6.2% higher in the third quarter of 2019 than a year previously.
The average listed rent is now €722, up 79% from its lowest point. Rents rose by an average of 5.2% nationwide in the year to September 2019.
This marks the lowest rate of rental inflation across the country since the second quarter of 2013. However, at €1,403, the average monthly rent nationwide during the third quarter of 2019 marks the fourteenth consecutive quarter of record rents.
The average listed rent is now €373 per month higher than the previous peak in 2008 and almost €660 higher than the low seen in late 2011.
At €1,403, the average monthly rent nationwide during the third quarter of 2019 marks the fourteenth consecutive quarter of record rents. Inflation has also slowed in Leinster, with rents 4.3% higher than a year ago, down from inflation of 10% or more between 2014 and 2018.
Similarly, in the other major cities, rents have risen by between 5.5% and 6% year-on-year. The number of homes available to rent nationwide is up 10% from the same date a year ago. This marks the eleventh time in twelve months that rental availability nationally has improved, albeit from record lows.
The full report is available from www.daft.ie/report and includes a commentary by author Ronan Lyons, economist at Trinity College Dublin.