Newcastle is Galway’s most expensive place to rent

Newcastle – the city’s most popular location for student tenants – is the most expensive area in Galway to rent, according to new Government statistics.

And figures show that renters in private accommodation in the city are paying almost €460 extra per year compared to last year.

Rents in Galway City compared to 2014

The statistics from the Private Residential Tenancies Board and the Economic and Social Research Institute show the average monthly rent in Galway City currently stands at around €878 – up from around €840 per month exactly one year ago (4.5%).

The PRTB 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 PRTB’s records, as distinct from the asking or advertised rent, which is the basis of other rent reports such as Daft.ie.

An analysis of the figures shows that Newcastle is the most expensive area in the city – with rents averaging €999 per month. This is due to the proliferation of students in the area because of its proximity to NUI Galway, as well as workers at University Hospital Galway.

The next most expensive is Woodquay at €957 per month and Barna at €934 per month. The biggest increase in rent recorded since twelve months ago was also in Barna, which rose from €850.

The cheapest areas in which to rent are Ballybane at €705 per month on average, followed by Doughiska at €752 and Ballybrit at €761.

In the city as a whole, the average apartment rents are €629 for a one-bed (up from €619); €810 for a two-bed (up from €755) and €884 for a three-bed (up from €847).

For houses, one to two-beds are averaging €755 (up from €728); one to three-beds €807 (up from €762) and four plus bedrooms for €1,043 (up from €985).