Private renters paying an extra €1,140 per year in Galway City

People living in private rented accommodation in Galway City are paying an average of around €1,140 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 Newcastle is the most expensive location in which to rent – perhaps unsurprisingly due to its proximity to University Hospital Galway and NUI Galway.

Renters in the Newcastle area are now paying almost €1,300 extra per year on average compared to twelve months ago.

The report shows that monthly rents in the city at the end of September were averaging €1,016 – up €95 (+10%) from a year previously.

The biggest jump in rents over the past year was recorded in Bohermore – up an average of €182 (21%) per month.

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 Newcastle at an average of €1,122 (up 10.5% from €1,015 a year previously) and Bohermore at €1,060 (up 21% from €990). 

The other most expensive areas in which to rent are Woodquay (an average of €1,024) and Roscam (€1,012).

The cheapest average rents were recorded in Ballybane at €837; Oranmore at €840 and Doughiska at €857.

Meanwhile, the report shows that monthly rents in the county at the end of September were averaging €904 – up €70 per month from a year previously.

The most expensive areas in which to rent in the county were Headford at €1,097 per month (up 22% from €902 a year earlier) and Barna at €963 (up 15% from €835).

The cheapest areas in the county in which to rent were Portumna at €461 per month on average; Ballinasloe at €526 and Clifden at €534.