Newcastle is city’s most expensive rental area
Newcastle has overtaken Woodquay as the most expensive location in Galway City for private rented accommodation.
A shortage of available accommodation, coupled with demand from students and employees at NUI Galway and University Hospital Galway is continuing to drive up rents in the city.
The latest statistics from the Residential Tenancies Board (RTB) and Economic and Social Research Institute (ESRI) show that rents in Newcastle in the second quarter of this year were averaging €1,181 per month – up around 4% from €1,129 a year earlier.
Meanwhile, for Galway City as a whole, the average rent per month was €1,030, up 7.6% from €957 in the second quarter last year.
An analysis of the figures by the Galway City Tribune shows the next most expensive location in which to rent was Bohermore at more than €1,092 per month – up 10% from €989 a year earlier.
Woodquay was down to third place (from the most expensive at the end of the first quarter of this year) at an average of €1,082, up slightly from €1,079 a year earlier.
The cheapest location in which to rent in Galway City was in Ballybane at €813 per month, up almost 11% from €734 one year earlier. At the city limits, Oranmore was averaging €868 per month, up 7% from €811.
Back within the city, Doughiska was the third cheapest location at €871, up 4.5% from €833.
For County Galway, rents averaged €928 per month, up 7% from €865, while the most expensive location was Headford at €1,197 – up 18.5% in just twelve months.
The cheapest location in the county was Portumna at an average of €451 per month – up 2% from €441 a year previously.