Rents in Offaly rise 2.6% year on year

Damian Moran

Reporter:

Damian Moran

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Offaly, rents were on average 2.6% higher in the first quarter of 2014 than a year previously according to the latest quarterly Rental Report by Daft.ie.

Offaly, rents were on average 2.6% higher in the first quarter of 2014 than a year previously according to the latest quarterly Rental Report by Daft.ie.

The average advertised rent is now €568 which is still down 26% from the peak.

The average rent nationwide is now 9% higher than it was at the same stage last year. Rents rose in every county outside Connacht & Ulster, with the biggest annual increase of 14% occurring in Dublin city centre. The average rent nationwide is now €888, up €69 from the trough in 2011.
In the Midlands counties of Laois, Westmeath, Offaly and Longford, rents rose by an average of 3.4% in the year to March 2014, compared to static rents a year previously.
Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said: “This latest Daft.ie Report shows that the housing crisis in Dublin is getting worse. The solution is not capping rents, which will limit the supply of new homes, but rather addressing the underlying problems, in particular streamlining the cost of land and of regulation.”

The full report is available from www.daft.ie/report and includes a commentary by Ronan Lyons, Assistant Professor of Economics at Trinity College, Dublin, and author of the Daft Report, as well as an analysis of affordability and statistics on residential yields around the country.