Renters struck by rocketing increases
Rents for private accommodation in Galway City have doubled in the past seven years and are now averaging €1,300 per month.
And it’s bad news for renters in the county too, with rents up by more than 82% since the bottom of the market in early 2012.
The latest report from property website Daft.ie shows that since the market trough, rents have increased by 97% in the city and are up 9.1% year on year.
They now stand at an average of €1,297 per month, while in the county, the average is €932, up 15.5% year on year.
Rental inflation was higher in Co Galway that anywhere else in the country over the past year; the next highest was in Waterford County at 15.4%.
That means that average monthly mortgage repayments on a three-bed house in the city would be around €360 less than rental payments, and more than €390 less for a similar property in the county.
Nationally, the average rent is €1,391, up 6.7% on last year.
A break-down of the figures shows that one-bed apartments are renting for an average of €964 per month in Galway City (up 13.6% year on year); a two-bed house for €1,086 (up 11.2%); a three-bed house for €1,258 (up 10%); a four-bed for €1,384 (up 10%) and a five-bed for €1,464 (up 6%).
To rent a single bedroom in the city centre is now averaging €440 per month (up 5.8% over the past year) and €410 in the suburbs (up 7%). A double bedroom is averaging €544 (up 9.2%) in the city centre and €484 (up 5.4%) in the suburbs.
For more, read this week’s Connacht Tribune.
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