Average rents in Louth have continued to rise in the last year
Rents in Louth have more than doubled from their lowest point, as rental stock around the country hits its lowest since 2006 according to the latest Daft.ie report.
The new report details how Louth has seen rent increases of 122% since its lowest point, with rent increasing by almost 5% in the last year.
The total increase in rent in Q3 2021 compared to the same period in 2020 is 4.7%, with the average rent in Louth now costing €1,355 per month, which is detailed within the latest Daft.ie Rental Report.
The increases in rent comes as the stock of rental properties across the country have fallen to a 17 year low, which according to economist Ronan Lyons, is part of the reason for rent increases.
As of today, there are 39 properties available for rent in Louth being advertised on Daft.ie. Of these houses.
Of these, 17 are in the Dundalk area, while 12 are in Drogheda. The remaining houses are dispersed throughout the county.
As of November 1st, there were only 1,460 homes available to rent nationwide, which is down 65% compared to the same date in 2020. In Leinster, this figure was 232.
The average rent for specific types of properties is also on the rise, with year-on-year increases for 1-bedroom properties, as well as 2-bed, 3-bed and 4-bed houses. Only 5-bed properties in Louth saw a decrease compared to 2020.
Nationwide, the average monthly rent is now €1,516 per month.
Trinity College Economist Ronan Lyons, who compiled the report, says that figures from the report show that Ireland's rental market has returned to pre-Covid-19 situation where there was weak supply in the face of a strong demand.
Professor Lyons says that the primary way to make rents more affordable is to build more rental accommodation.
"To make rental accommodation more affordable, we need to put in the hard effort of building lots of new rental homes," said Professor Lyons in the report.
At present, there are 9,272 purpose-built rental homes currently under construction nationwide, with a further 34,371 having received planning permission. This leaves approximately 44,000 rental properties that are expected to be completed before 2025.
This also comes with the 54,000 units that are proposed currently, as well as the nearly 30,000 that are at pre-planning and consultation stages, as well as the 18,228 that are under consideration by planning authorities.
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