Rental markets divide
THERE is a divide between rental markets in the north and south of the county, members of Louth County Council heard at their monthly meeting.
The meeting heard that Drogheda has been listed as a rent pressure zone, but Dundalk has not.
Director of Services for Housing, Joe McGuinness said there was ‘no doubt there are two markets in Louth, north and south.’
He told councillors there was, however, clear evidence that prices in the rental market in Dundalk are increasing.
He said there was a possibility that Louth County Council could be going to the department to seek similar status for Dundalk if rental prices continued to rise.
The scheme which is operated by the Department for Housing was launched in 2016 to moderate the rise in rents in the parts of the country where rents are highest and rising and where households have greatest difficulties in finding accommodation they can afford.
In these areas, called Rent Pressure Zones (RPZ), rents will only be able to rise according to a prescribed formula by a maximum of 4% annually.
For an area to be designated a Rent Pressure Zone, rents in the area must be at a high level and they must be rising quickly.
Latest figures have shown that the cost of renting in Dundalk has risen by over 14% over the last year.