Rents in Kilkenny rose by 9.8% in the second quarter of 2016 compared to the same period last year, and remain higher than rents in all neighbouring counties, including Waterford City.
Rents rose nationwide by an average of 3.9% according to the latest quarterly Rental Report by Daft.ie. This is the largest three-month increase in rents since early 2007.
It means that, at €1,037 in the second quarter, the average monthly rent nationwide is at its highest level on record. In Kilkenny, rents were on average 9.8% higher in the second quarter of 2016 than a year previously. The average advertised rent is now €735, — up a whopping 29% from their lowest point.
While Kilkenny's increase is lower than Ireland's major cities, our rents here remain higher than those of our neighbours Carlow, Laois, Tipperary and Wexford. This even includes Waterford City, where rents have risen by 13.3% in twelve months, but the average price is €712.
For the fourth quarter in a row, the highest rate of inflation country-wide was in Cork City, where rents rose by 18% in 12 months. Rents in Galway are 13.9% higher than a year previously, while rents in Limerick have risen 15.5% in the last year. outside the major cities, the increase has been 9.7%.
There were just over 3,600 properties available to rent nationwide on August 1, an increase on the 3,100 available in May. However, rental listings rise every year ahead of the academic year and the August figure is the lowest on record for the time of year. For comparison, two years previously, on August 1, 2014, there were almost 6,800 properties listed nationwide.
In Dublin, the annual rate of inflation in rents, in the year to June 2016, was 11.1%, its highest since late 2014. Rents in the capital are now 5.2% higher than their previous peak in early 2008.
“Ahead of a new academic year, the latest figures highlight the severe shortage of accommodation for students,” said Ronan Lyons, economist at TCD and author of the Daft Report.
“While a large number of purpose-built student apartments are either being built or are planned, these will take time to come on stream and will only cater for those on higher incomes. The majority of students will face tough choices about where to study and where to live.”
The full report is available from www.daft.ie/report and includes a commentary by Conor Viscardi UCDSU President and Kieran McNulty TCDSU President, as well as an analysis of affordability and statistics on residential yields around the country.