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03 Oct 2022

Average Kilkenny rent up 104% from lowest point

Average Kilkenny rent up 104% from lowest point

Rents in Kilkenny are continuing to rise exponentially, with only one property available to rent in the city and county at present.

According to the latest figures, published by property website daft.ie rents in Kilkenny have risen 104% since their lowest point.

Rents in Leinster’s south-eastern counties rose 13.2% year-on-year, reflecting very low availability — just 29 homes were available to rent across the region on August 1, down 44% on the same date a year ago.

In Kilkenny, market rents were on average 11% higher in the second quarter of 2022 than a year previously. The average listed rent is now €1,218, up 104% from its lowest point.

The annual inflation rate of 12.6% nationally is the highest recorded in the Daft.ie Commenting on the report, Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, said:

“A resurgent economy over the last year has accentuated the chronic shortage of rental housing. While the professional rental sector has added over 7,000 new rental homes nationally in the last five years, this is small relative to the fall of 30,000 in rental listings each year in the traditional rental sector in the same period.

“The shortage of rental accommodation translates directly into higher market rents and this can only be addressed by increased supply. While there are almost 115,000 proposed rental homes in the pipeline, these are concentrated in the Dublin area. Further, while nearly 23,000 are under construction, the remainder are earlier in the process and the growth of legal challenges to new developments presents a threat to addressing the rental scarcity.”

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