Louth rents up by 16.7%

The Argus - - NEWS -

THE cost of rent­ing a prop­erty in Louth con­tin­ues to rise with the lat­est fig­ures from web­site Daft.ie in­di­cat­ing a 16.7% in­crease over the last year.

This was com­pared to a na­tional av­er­age of 11.2% in the year to Septem­ber 2017, ac­cord­ing to the lat­est quar­terly Rental Price Re­port by Daft.ie.

Out­side the five main cities, rents have risen by 10.8%.

In Louth, rents were on av­er­age 16.7% higher in the third quar­ter of 2017 than a year pre­vi­ously.

The av­er­age ad­ver­tised rent in Louth is now €1066, up 75% from its low­est point.

Com­ment­ing on the re­port, Ro­nan Lyons, econ­o­mist at Trin­ity Col­lege Dublin and au­thor of the Daft Re­port, said: ‘Rents con­tinue to rise, and rise at close to record rates, due to an acute and wors­en­ing short­age of ac­com­mo­da­tion. Four of the five largest quar­terly in­creases in rents have now oc­curred since the start of 2016 and rents in 46 of the 54 mar­kets cov­ered in the re­port now ex­ceed their Celtic Tiger highs. Rents in some parts of Dublin have now risen by 90% from their low­est lev­els in 2011.’

He added: ‘It is now in­creas­ingly agreed that the coun­try needs at least 40,000 and prob­a­bly closer to 50,000 new homes a year, to meet un­der­ly­ing de­mand.’

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.