Louth rents up by 16.7%
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.’