Galway rents soar above Celtic Tiger high

The cost of rental accommodation has now increased in Galway for every one of the last eleven quarters – pushing prices 45% higher than at the peak of the Celtic Tiger.

The rate of increase is higher than any other urban centre in the country – while rents in the city have rocketed by 86.3% since the trough in the rental market at the beginning of 2012.

The startling figures – released this week by property website Daft.ie – have led both local and national charities to describe the housing situation as ‘out of control’.

Galway Simon Community CEO Karen Golden said the over-reliance on the private rental sector, alongside the increasing rents, will continue to force people into homelessness.

“These increases are simply not sustainable,” she said.

The housing charity Threshold said the news paints a bleak picture for Christmas and 2019, describing the increases as ‘out of control’.

Daft.ie found that average rents in the city now stand at €1,226 per month, while, in the county, monthly rents now average €856 – up 67.7% since the bottom of the market.

See full story in this week’s Connacht Tribune.

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