Rents continue to rise – with Galway one of the dearest

Galway is one of seven counties with average rents in excess of €1,000 a month – according to the latest report of the Residential Tenancies Board.

The city itself was found to have the second highest standardised average rent over the third quarter of the year, at €1,252 per month.

That compares to Cork city’s standardised average rent of €1,192 – and well ahead of Limerick city and Waterford city at €973 and €839, respectively.

Rents in Galway city grew 8.3% year-on-year – again ahead of Limerick on 7.2%.

On an annualised basis, rents in Cork grew at the slowest rate of the five cities at 1.4% – the city’s lowest annual increase since the third quarter of 2015.

The rental increase for Galway city between the second and third quarter of the year was even more dramatic, rising from €1,121 to €1,252 per month – an increase of 11.6%.

The report acknowledges that, because of the larger concentration of jobs and amenities within urban areas, the majority of the population is concentrated in cities – and housing demand is highest in these areas.

That city rise may also have contributed to Galway county being one of eight in the country to see rents grow by double digit levels in that third quarter – representing the fastest growing rents on a year-on-year basis.

The average rent for a one-bed apartment in Galway is now €877, it’s €1,119 for a two-bed and €1,310 for an apartment with three bedrooms or more.

For more, read this week’s Connacht Tribune.

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