Woodquay the most expensive rental location in Galway City

Woodquay has overtaken Newcastle as the most expensive location in which to rent, according to new figures from the Central Statistics Office.

Tenants in private accommodation there were paying an average of around €1,243 per month in the first quarter of this year – that’s up a whopping 16% on a year previously.

That means that tenants in Woodquay are now forking out an average of €2,040 extra per year to their landlords.

The latest statistics from the Residential Tenancies Board (RTB) and Economic and Social Research Institute (ESRI) show that the average rent in Galway City stood at €1,233 – up 15% on the first quarter of 2016. That equates to an extra €1,956 per year.

Woodquay overtook Newcastle – traditionally the city’s most expensive location due to its proximity to UHG and NUIG – which averages €1,179 per month according to the CSO, up just over 1% on the €1,162 average recorded a year earlier.

The cheapest locations in which to rent were Ballybane at an average of €822 per month (up 13% from €728); Oranmore at €869 (up around 4% from €837) per month and Doughiska at €873 per month (up 8% from €809).

The biggest overall rental hike year-on-year was in Ballybrit – up 17% from €825 to €966, while the only drop recorded was in Rahoon, down 3% from €936 to €906.

The three urban Local Electoral Areas in Galway – City Central, City East and City West – have already been declared Rent Pressure Zones by the Government.

City East has recorded inflation of 7% or more in six quarters and has an average monthly rent of €961, or 97% of the national average. City Central recorded five quarters over the 7% market and average rents stand at €1,021, or 103.5% of the national average. City West recorded four quarters and has an average rent of €1,042 (106%).

To be declared a Rent Pressure Zone, the rules state there must be an increase of 7% or more in four of the last six quarters and the average rent must exceed the national average.

Meanwhile in the county, rents in the first quarter of this year averaged €1,070 – up 13% from €946 per month a year earlier.