Wex­ford rents have in­creased eleven per cent since last year

Wexford People - - NEWS -

RENTS in Wex­ford have risen eleven per cent com­pared to the same pe­riod last year.

The lat­est quar­terly Rental Re­port by Daft. ie show that Wex­ford rents were, on av­er­age, eleven per cent higher in the first three months of 2018 com­pared to a year pre­vi­ously. The av­er­age ad­ver­tised rent is now €779, up 44 per cent from its low­est point.

There is a three per cent in­crease in Wex­ford rents com­pared to the fi­nal quar­ter of 2017.

The lat­est fig­ures show that the cur­rent rent for a one bed apart­ment is €560 which is an in­crease of 13.4 per cent com­pared to the same pe­riod last year. Rent for a two bed house stands at €647, an in­crease of 12.4 per cent while rent for a three bed house is €763, an in­crease of 10.8 per cent.

Rent on a four bed home is €839, an in­crease of 11.1 per cent while rent on a five bed home is €877, an in­crease of 7.30 per cent.

The fig­ures show that the yield on Wex­ford prop­er­ties is also on the in­crease. The yield is the ra­tio of an­nual rents to the price of the prop­erty. It is com­pa­ra­ble to an in­ter­est rate and of­ten used as a mea­sure of how healthy the prop­erty mar­ket is.

In the first quar­ter of the year the yield on a one bed apart­ment was 9.3 per cent, an in­crease of 0.1 per cent. The yield on a two bed house was 8.2 per cent (up 0.3 per cent), the yield on a three bed house was 6.9 per cent (up 0.2 per cent), the yield on a four bed home was 4.0 per cent (up 0.2 per cent) while the yield on a five bed home was 3.9 per cent (up 0.2 per cent).

When it comes to choos­ing between rent­ing or buy­ing the Daft.ie re­port cal­cu­lates the av­er­age mort­gage pay­ment on a one bed apart­ment is €283 com­pared to a rent of €560. A mort­gage on a two bed home would be €374 com­pared to a rent of €647.

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