Newcastle tops rent scale in city

Newcastle is the most expensive area in which to rent private accommodation in Galway City, according to new figures.

And there was bad news across the board for tenants, as the statistics show rents have risen by an average of €286 per year in the city.

The latest statistics from the Private Residential Tenancies Board and the ESRI show the average monthly rent at the moment in the city are now at almost €870 per month – up from €846 a year ago (2.8%).

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.

An analysis of the figures shows that Newcastle is the most expensive area in the city – with rents averaging €1,063 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 €966 per month and Ballybane at €910 per month. The biggest increase in rent recorded since twelve months ago was in Ballybane, which rose from €822 to €891.

The cheapest areas in which to rent are Ballybrit at €737 per month on average, followed by Doughiska at €746.

In the city as a whole, the average apartment rents are €622 for a one-bed; €786 for a two-bed and €880 for a three-bed. For houses, one to two-beds are averaging €760; one to three-beds €811 and four plus bedrooms for €1,030.

Meanwhile, the average rent in the county is €786 – up from €768 twelve months ago. That represents a difference of €216 per annum (2.3%). A breakdown of the figures shows that one-bed apartments in the county are currently renting for an average of €566 per month; €727 for a two-bed apartment and €780 for a three-bed apartment.

One to two-bed houses are achieving an average of €700 per month; one to three-beds €737 and four plus bedroom houses €909 per month.