Rents rise 11% to hit €1,370 average

RENTS in County Wicklow rose by 10.8 per cent according to the latest quarterly Rental Report by Daft.ie.

The average advertised rent is now €1,370, up 77 per cent from its lowest point in 2011.

Rents are now on average 10.8 per cent higher in the third quarter of 2018 then a year previously.

To rent a one bed apartment in the Garden County now costs on average €990, a 8.4 per cent increase. The average rent for a two bedroom house rose by 8.6 per cent and now stands at €1,148, while rent on average for a three bedroom house is €1,343, a rise of 5.9 per cent.

A four bedroom house costs an average of €1,479 to rent, an increase of 7.3 per cent, while rent for a five bedroom house rose by 15.8 per cent to reach €1,626.

The average monthly rent nationwide during the third quarter of 2018 was €1,334. This is €304 per month higher than the previous peak in 2008 and over €590 higher than the low seen in late 2011.

In Dublin, the increase in rents in the year to September 2018 was 10.9 per cent and rents in the capital are now 36 per cent, or over €520 a month, higher than their previous peak a little over a decade ago.

Rents continue to rise rapidly in other cities also. In Limerick city, rents were 20.3 per cent higher than a year ago, while in Waterford, the increase was 19.7 per cent. Galway saw its rents increase by 16.1 per cent in the same period, while in Cork, rents rose by 13.7 per cent.

There were 3,214 properties available to rent nationwide in November 1st, marking a 4.5 per cent decrease in the space of a year