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28 Jun 2022

Average rent in Longford hits €925 mark

Average rents in Louth exceed €1,000 for the first time

Rents in Longford were on average 18.3% higher in the first quarter of 2022 than a year previously

Rents in Longford were on average 18.3% higher in the first quarter of 2022 than a year previously.

The average listed rent is now €925, up 117% from its lowest point, according to the latest Rental Report by daft.ie.

Rents in Leinster's midland counties rose 12.8% year-on-year, reflecting a sharp fall in availability - just 29 homes were available to rent on May 1, by far the lowest on record.

Nationwide rents in the first quarter of 2022 were an average of 11.7% higher than the same period a year earlier.

The average market rent nationwide between January and March was €1,567 per month, up 2.8% on the last three months of 2021 and more than double the low of €765 per month seen in late 2011.

While there have been differences in regional trends in rents in recent quarters, the rate of increase was similar across all major regions between early 2021 and early 2022. In Dublin, market rents rose by 10.6% year-on-year, while in Cork and Galway cities, rents rose by 10.2% and 13.8%.

Inflation was higher in Limerick and Waterford cities, at 15.5% and 16.2% respectively, while outside the cities the average increase was 12.7%.

Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, said, “The latest figures confirm the overall strength of demand for rental accommodation in Ireland. While strong demand for housing reflects underlying economic health, it becomes a challenge when there is inadequate supply to meet it. In Ireland’s case, the economy has suffered from an under-provision of new rental accommodation for over a decade. . As a result, market rents have doubled and, as shown in this latest report, rental homes have become scarce.”

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