Rental prices in Longford are continuing to go on an upward trajectory
In Longford, rents were on average 10.1% higher in the second quarter of 2021 than a year previously, according to the latest Rental Report by Daft.ie.
The average listed rent is now €812, up 101% from its lowest point.
Rents in Leinster's midland counties rose 9.6% year-on-year, reflecting a sharp fall in availability - just 55 homes were available to rent on August 1, down more than half compared to a year ago.
Rents in the second quarter of 2021 were an average of 5.6% higher than the same period in 2020.
The average monthly rent stood at €1,477 in the second quarter of 2021, up 2.4% on the first quarter and almost 99% from a low of €742 per month seen in late 2011.
There continues to be significant differences in trends across regions. In Dublin, rents rose for the second consecutive quarter, by 1.4% between March and June, but are just 0.5% above the level seen a year ago.
The other cities, however, have seen much larger increases in rents: in Cork, Galway and Limerick cities, rents are between 9% and 10% higher than a year ago, while in Waterford, they are nearly 12% higher.
Outside the cities, rents rose by 8.6% in Leinster, by 13.7% in Munster and by 14.7% in Connacht-Ulster.
The sharp increases in rents reflect an unprecedented scarcity of rental homes. Nationwide, there were just 2,455 homes available to rent on August 1, an all-time low in a series that extends back to January 2006. On average over the past fifteen years, there have been nearly 9,400 homes available to rent at any one time, while the 2015-2019 average was almost 3,900.
While the number of homes available to rent in Dublin is down 44% year-on-year, it is close to levels seen in 2019. Outside Dublin, however, there were just 789 homes available to rent, by far the lowest on record – prior to 2020, the lowest level had been just below 1,500.
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