Rental situation in Louth laid bare in Daft.ie Rental Price Report
Rents in Louth are now well in excess of double what they were during the last recession, with average rents in the county now standing at €1,396 per month. This is according to the Daft.ie rental report for the last quarter of 2021, released today.
The latest figures reported show that rents in Louth have increased by 8.3% in the past 12 months, with a rise of 2.5% in the last quarter of 2021.
The current average rent in Louth is now 118.7% higher than its lowest point during the last recession.
Comparing rents in Louth to mortgage repayments, the average rental cost for a three-bed house in Louth is now €1,300 with the average mortgage repayment (3.25% variable 30 year mortgage) standing at €721 per month, according to the report. The difference is even more extreme when looking at one-bed apartments (rent - €953; mortgage - €397)
A breakdown of the annual increase in rent in Louth is as follows:
As of this morning, Wednesday 9 February, there are just 54 properties available to rent in the whole of Louth, a county with a population of 128,884.
Commenting on the latest figures, both in Louth and nationally, Threshold, the national housing charity, said that they “suggest a blatant disregard of the Rent Pressure Zone (RPZ) legislation.”
It said that “Cork, Dublin, Galway, Limerick, Co. Kildare, Co. Meath and Co Louth, are all RPZ areas, yet cited rents increased between 6% and 11% in the last twelve months. Rents in these areas cannot be increased by more than general inflation as recorded by the Consumer Price Index - or by 2% per annum - where this is higher.
Threshold chief executive John-Mark McCafferty said that, “the Daft reports shows the number of properties available to rent was at a new all-time low on February 1st last, and the average national rent is almost double what it was 10 years ago. In the same period, average weekly earnings increased by only 22%."
“This reflects the trends witnessed by Threshold advisors, who found approximately half of the rent review notices brought to them in 2021, were invalid. Unfortunately, in some cases the tenant accepts the invalid notice for fear of being unable to find a new rental home. Threshold urges all private renters to get in touch when they receive a rent review to check the validity of the rent increase.
He added that, “with the rising cost of living, it will become increasingly difficult for private renters to pay these increases, as well as their other bills. These renters will always prioritise the money required to keep a roof over their head, meaning they may go without heat or be forced to cut back on other essential expenditure.”
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