Rents in Kilkenny rise by 14.1% in past year

In Kilkenny, rents have risen by over 14% in the past year with the average listed rent is now €1288, up 116% from its lowest point.

According to the latest report by property website, daft.ie market rents were on average 14.1% higher in the third quarter of 2022 than a year previously. 

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Rents in Leinster's south-eastern counties rose 17.6% year-on-year, reflecting very low availability - just 74 homes were available to rent on November 1, up slightly on a year ago but at low levels compared to the last decade.

Nationally, market rents in the third quarter of 2022 were an average of 14.1% higher than the same period a year earlier, as availability of rental homes remained near reached an all-time low, according to the latest Rental Report by daft.ie. The average market rent nationwide between July and September was €1,688 per month, up 4.3% on the second quarter of the year and 120% above the low of €765 per month seen in late 2011.

The annual inflation rate of 14.1% nationally is the highest ever recorded in the Daft.ie Report since its launch in 2006, with the quarter-on-quarter increase also a new series high. The rate of inflation in Dublin was 14.3% while in Cork city, the annual change in market rents was 12.1%, in both cases higher than three months ago. The rate of inflation in the three other principal cities – Galway, Limerick and Waterford – was higher again, ranging from 16.4% in Galway to 17.4% in Waterford. Outside the cities, the average annual increase in market rents was 13.8%.

Once again, the increase in market rents around the country is driven extraordinary shortages in the availability of rental accommodation. Nationwide, there were just 1,087 homes available to rent on November 1st, down one quarter on the same date a year ago and roughly quarter the average level of availability during 2015-2019.

The latest report also includes an index of rents paid by sitting tenants, rather than movers, using a bespoke survey of tenants. It shows that, on average, rents paid by sitting tenants have increased by 2.5% on average over the last twelve months. Since the introduction of Rent Pressure Zones in 2016, rents of sitting tenants have increased by 17% on average, compared to an average increase in open-market rents of nearly 75% over the same period.