Rents up by 10% at turn of year

THE cost of renting in Louth rose by more than 10% at the end of 2018, according to the latest figures from Daft.ie

Rents rose nationwide by an average of 9.8% in the year to December 2018, in the latest quarterly Rental Report by Daft.ie.

While this marks another record high in national average rents, the rate of increase is the slowest in almost three years.

In Louth, rents were on average 10.2% higher in the fourth quarter of 2018 than a year previously.

The average advertised rent is now €1197, up 96% from its lowest point.

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: ‘A rare improvement in availability of rental accommodation at year-end has meant a slight easing in rental inflation.’

‘ This underscores the importance of additional supply in solving the problems of the rental sector, which have been on-going for nearly eight years. The construction of new homes remains focused on one-offs and estate housing, while the overwhelming need is for apartments, in particular for renters.’

In a warning for the renters market in 2019, he pointed out: ‘It remains to be seen, therefore, whether the modest improvement in conditions over recent months continues.’