Rents rise near stops on Luas extension

RENTS for two- and three-bedroom homes close to new Luas Cross City stops rose by 21% over the last year, a property website has said.

A study of average rents across each of Dublin’s 125 rail stops found that prices rose by 21% at stops along the new Green line extension, which runs from St Stephen’s Green to Cabra.

This compared to 17% for properties along existing stops.

The research also shows that people living along the Green have the highest average rents across all stops, of €1,770.

Luas Green line commuters pay a premium of €170 on average per month compared to the average rent on the Red line of €1,600.

Rents for commuters living along the coast are higher on average with rents close to the Sandymount Dart averaging €2,274 per month.

Ronan Lyons, economist at Trinity College Dublin, said: ‘As with properties for sale, it is clear that the new Cross City Luas stops have the potential to rejuvenate parts of the city previously poorly served by light rail.

‘This can be seen in these rental figures for each station, with rents for two- and threebedroom homes rising by more, closer to the Cross City stations than other stations, over the past year.

‘The clear economic effect of such public investments will hopefully give policymakers food for thought, when thinking about how to finance transport infrastructure in the future.’

Commuters living on the Dublin coastline pay on average the most with rents near Dart stations are among the most expensive.

Homes near Pearse Station cost €2,174 a month, Lansdowne Road €2,141, and Dalkey €2,135, making these among the most expensive areas to live.