Good news for tenants as rents set to nosedive

Date Published: 20-Feb-2009

TENANTS in private rented accommodation in Galway City are benefitting from rents that have taken a nosedive of 6% and are expected to fall even further at a more rapid pace, according to a new report.

And the “snobbery and stigma” associated with spending ‘dead money’ on rent is set to disappear as property values plummet, the report from the country’s biggest property website, Daft.ie, says.

The new figures show that rents were down 5.8% in both the city and the county in the last quarter of 2008 when compared to the same period the previous year.

While the drops are significant, they are still well below the national average drop of 11.6%.

At the moment, rents in the city are averaging €878 per month, with an average of €678 per month in the county.

A breakdown of average rental figures shows that…