REVEALED: Rents in Kilkenny up a significant percentage, according to Daft report

In Kilkenny, market rents were on average 6.1% higher in the first three months of 2024 than a year previously according to the latest report from leading property website, daft.ie.

Market rents in Leinster's south-eastern counties rose 7.2% year-on-year, down from 14.8% in early 2023. The increase in rents reflects very low availability, with just 56 homes available to rent on May 1st, one quarter of the 2015-2019 average.In Kilkenny, market rents were on average 6.1% higher in the first three months of 2024 than a year previously. The average listed rent is now €1375, up 37% from the level prevailing when the covid19 pandemic occurred.

Nationally, market rents rose by an average of 0.6% in the first quarter of 2024, according to the latest Rental Report by Daft.ie. While this marks the thirteenth consecutive quarter in which rents nationwide have increased, the increase between December and March is the smallest in that run. The average open-market rent nationwide in the first quarter of the year was €1,836 per month, up 4.9% year-on-year.

Commenting on the report, Ronan Lyons, Associate Professor in Economics at Trinity College Dublin and author of the Daft.ie Report, said:

“Rental inflation has slowed considerably over the last 18 months, driven in large part by the construction of significant numbers of new rental homes in the Dublin area. More supply, even at the upper end of the market, relieves pressures across the market and, in the second half of 2023 in particular, new supply saw availability improve and inflation has eased.

However, improvements in the availability of homes to rent look to have stalled. Without additional increases in rental supply, any pressure on rents is likely to be upward in nature, further straining affordability for those on regular incomes. For that reason, policymakers must develop a thorough understanding of rental supply dynamics ahead of a detailed plan on dramatically increasing rental supply over the rest of the decade."