Rents in Louth rose 14.1% across 12 months
Rent increases in Louth, which have seen rents rise by 14.1% year-on-year, have left the cost of living "exorbitantly high" accoridng to Louth Deputy Gerry Adams.
Commenting after the publication of the latest Rental Price Report by Daft.ie, Adams expressed his deep concern at prices that continue to spiral upwards.
In the report published on Tuesday, it was revealed that rents in Louth have risen by 14.1% year-on-year to the last quarter of 2017. This has left average rent in the county at €1,086.
Only Limerick City had experienced a sharper rise in rental costs in the same period nationwide. Louth is now the fourth most expensive county to rent in after Wicklow, Kildare, and Meath.
"Across all houses and apartments, Louth rents are exorbitantly high. One bed apartments have seen the greatest increase – up to 16.4%. Two, three and four bedroom houses are all up by over 14%."
The Louth TD accused the government of failing those renting accommodation.
"The Daft.ie quarter 4 rental price report confirms that rents continue to spiral upward. In the last 12 months since rent pressure zones were introduced rents have increased by 10%. All of the reports published this year by Daft.ie and the ESRI/RTB have reported substantial rent increases.
"The government’s rent pressure zones are failing to protect citizens paying high rents," Adams said.
"Most of these are now paying up to a half of their income on rents. Sinn Féin has consistently called for the introduction of real rent certainty. We have tabled legislation and amendments seeking this and all has been opposed by Fine Gael and Fianna Fáil."
Prices continues to rise with demand for rental properties. Martin Clancy from Daft.ie said: "On average, over 1,000 property searches are now taking place every minute on Daft.ie. On a monthly basis, we are seeing over 2.5 million unique users logging onto the site."
The Daft.ie figures also revealed that there were only 3,143 properties available to rent nationwide on as of February 1st this year - the lowest number since Daft.ie started collecting data back in 2006.
Worryingly, the figure marks a 15% decrease on the same date for 2017.