Renters now pay extra €3,360 a year to live near Dart, Luas stops

RENTERS who live near Dart and Luas stops in Dublin have seen the costs of accommodation rise.

Rents for properties close to Dart stations and Luas stops rose by 3pc to an average of €1,770 a month in the first three months of 2018, according to new research from Daft.ie.

This means renters living close to Dublin’s light rail network are now paying a premium of €3,360 a year compared with the average rent for Dublin.

Daft.ie said research it did on stop-by-stop rental prices on Dart and Luas stops, which is sponsored by KBC Bank, shows that commuters on the Dublin coastline pay the most.

The research analysed the average rental prices for one and two-bedroom properties close to each of the 125 stops and stations in the Greater Dublin Area for the period between April 2017 and March 2018.

Rents close to the Sandymount Dart station are averaging €2,282 a month. These renters pay on average double what those living by the Cheeverstown Luas pay, a stop that has the least expensive rents at €1,056 a month.

Rents near Dart stations are among the most expensive analysed.

The Pearse, Lansdowne Road and Dalkey stops account for some of the most expensive to live close to.

It costs €2,226 to rent near Pearse Station, with Lansdowne Road costing €2,175 a month and Dalkey €2,205.

On the Luas, homes close to Spencer Dock on the Red Line command the highest average rents at €2,260, while those living close to the Charlemont stop pay most on the Luas Green Line, at €2,091.

Daft.ie also analysed the average rents for each stop on the Luas cross-city Green Line, which opened in December. Properties close to the new Dominick stop came out on top, with average monthly rents of €1,894.

Daft.ie economist and lecturer at Trinity College Dublin Ronan Lyons said it costs far more to live near good transport links.

He said the increase seen in the cross-city Luas stations between the last quarter of last year and the first quarter of this year was similar to the rest of the city for rents.

He said both of these rose by an average 3pc in the same period.

Prof Lyons said sale and rental prices rose ahead of the new Luas Green Line opening, something he referred to as anticipation effects.

Commuters

Based on this data, it appeared the rental market on the Luas Green Line had now adjusted to the new service, he added.

Martin Clancy, from Daft.ie, said commuters living close to Dublin’s Dart stations were now paying €1,810 on average each month.

In contrast, the average rent by a Luas Red Line stop is now €1,652, while it costs €1,797 for those close to the Luas Green Line.

Rents across the country have been increasing for years now. The pressure on rental costs in Dublin is now spreading to its neighbouring commuter counties.

The average cost of renting was up 6.4pc in the year to last December, according to the State’s Residential Tenancies Board.