City tenants paying an extra €850 per year to their landlords

People living in private rented accommodation in Galway City are paying an average of around €850 extra per year to their landlords compared to a year ago, according to new Government figures.

And the latest statistics from the Residential Tenancies Board (RTB) and Economic and Social Research Institute (ESRI) show that Woodquay has overtaken Newcastle as the most expensive location in which to rent.

The report shows that monthly rents in the city at the end of June were averaging €961 – up €71 (around 8%) from a year previously.

The RTB Rent Index is the most accurate rent report of its kind on the private accommodation sector in Ireland because it reflects the actual rents being paid, according to the RTB’s records, as distinct from the asking or advertised rent, which is the basis of other rent reports such as from Daft.ie.

An analysis of the figures by the Galway City Tribune show the most expensive location in the city in which to rent is Woodquay at an average of €1,098 (up 14% from €962 a year previously) and Newcastle at €1,060 (up 7% from €990).

The other most expensive areas in which to rent are Barna (an average of €975) and Salthill (€972).

The cheapest average rents were recorded in Ballybane at €760; Oranmore at €826 and Doughiska at €831.

Meanwhile, the report shows that monthly rents in the county at the end of June were averaging €866 – up €57 per month from a year previously.

The most expensive areas in which to rent in the county are Headford at €989 per month (up 2% from €966 a year earlier) and Barna at €975 (up 4% from €935).

However, the biggest jump in rents in county towns and villages over the past year was in Monivea, which is up almost 54% from €575 to €886 per month.

The cheapest areas in the county in which to rent were Portumna at €456 per month on average; Ballinasloe at €520; and Clifden at €543.