Search

24 May 2022

Louth rent increases laid bare in Daft.ie report

Average rent in Louth climbs to over €1,400

Louth rent increases laid bare in Daft.ie report

Louth rent increases laid bare in Daft.ie report

The average rent in Louth has risen by 8.3% to €1,420 in the past year, with rents for some types of homes in the county rising by up to 15%, according to the Daft.ie Irish Rental Report Q1 2022, released today. The number of homes available to rent across the country is at an all time low, with just 15 homes available to rent in all of Louth on the Daft.ie website as of today, 12 May. Average rents in Louth are now 123% higher than they were at during the trough in the last recession.

Looking at average rents in Louth in more detail, the rent for a one bed apartment has risen by 9% to €984, with the average rent for a two bed house rising by 8.4% to €1,176. For a three bed house, the increase has been even higher, rising by 10.5% to €1,360. A four bed house has risen by 8.5% to €1,562 and the average rent for a five bed house in Louth has risen by 15.6% to €1,904 per month.

The difference between rents and mortgage repayments for properties of the same size in Louth has also widened, with the average mortgage repayment for a one bed apartment at €400 being less than half the cost of the rent for an apartment of the same size (€984). This is based on current mortgage repayments using the following parameters: 3.25% variable mortgage, for a term of 30 years, with 85% LTV.

For a two bed house in Louth monthly mortgage repayments are €533 compared to €1,176 to rent and for a three bed house in the mortgage is €735 compared to €1,360 to rent - a difference of €625 a month. For a four bed house, the mortgage is €1,387 compared to €1,562 to rent and for a five bed house the mortgage is €1,474 compared to €1,904 to rent.

Nationally, the average market rent, per month, rose from just over €1,400 a year ago to €1,567 in the first quarter of 2022. This level of rents is over twice the low of €765 per month, seen just over a decade ago in late 2011. It is also more than 50% higher than the Celtic Tiger peak of €1,030 per month, seen in the first quarter of 2008.

Availability of new rental homes has also collapsed across the country. On May 1st this year, there were just 851 homes available to rent nationwide ‐ down 77% year-on-year and, according to Ronan Lyons - Economist at Trinity College Dublin & author of The Daft.ie Report, an "unprecedented number in a series extending back to the start of 2006. The average number of homes available to rent nationwide at any point in time over the fifteen-year period 2006-2021 was nearly 9,200 ‐ over ten times the supply available currently."

To continue reading this article for FREE,
please kindly register and/or log in.


Registration is absolutely 100% FREE and will help us personalise your experience on our sites. You can also sign up to our carefully curated newsletter(s) to keep up to date with your latest local news!

Register / Login

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.