Wexford rents have increased eleven per cent since last year

RENTS in Wexford have risen eleven per cent compared to the same period last year.

The latest quarterly Rental Report by Daft. ie show that Wexford rents were, on average, eleven per cent higher in the first three months of 2018 compared to a year previously. The average advertised rent is now €779, up 44 per cent from its lowest point.

There is a three per cent increase in Wexford rents compared to the final quarter of 2017.

The latest figures show that the current rent for a one bed apartment is €560 which is an increase of 13.4 per cent compared to the same period last year. Rent for a two bed house stands at €647, an increase of 12.4 per cent while rent for a three bed house is €763, an increase of 10.8 per cent.

Rent on a four bed home is €839, an increase of 11.1 per cent while rent on a five bed home is €877, an increase of 7.30 per cent.

The figures show that the yield on Wexford properties is also on the increase. The yield is the ratio of annual rents to the price of the property. It is comparable to an interest rate and often used as a measure of how healthy the property market is.

In the first quarter of the year the yield on a one bed apartment was 9.3 per cent, an increase of 0.1 per cent. The yield on a two bed house was 8.2 per cent (up 0.3 per cent), the yield on a three bed house was 6.9 per cent (up 0.2 per cent), the yield on a four bed home was 4.0 per cent (up 0.2 per cent) while the yield on a five bed home was 3.9 per cent (up 0.2 per cent).

When it comes to choosing between renting or buying the Daft.ie report calculates the average mortgage payment on a one bed apartment is €283 compared to a rent of €560. A mortgage on a two bed home would be €374 compared to a rent of €647.