Offaly rents continue to drop

Offaly rents have shown a 3% decrease over the past year.

Offaly rents have shown a 3% decrease over the past year.

The latest figures released by property website Daft.ie show the average rent in the county now standing at €575. This represents a fall of 27% from the peak.

Across the midlands rents fell by 0.6% in the first three months of this year.

The average rent nationwide in the first quarter of 2012 was largely unchanged from a year previously down 0.1%. The average rent nationwide now €812.

Commenting on the report, Barry O’Leary, Chief Executive of the IDA said; “While there is concern among some property owners that rents and prices have not returned to boom levels, the market emerging from the economic crash appears more sustainable, which is something the IDA would always welcome.”

Ronan Lyons, Economist at Daft.ie, said: “There is now a clear difference in rental trends between the major urban centres of Dublin and Cork, where rents are rising, and the rest of the country, where rents are falling, albeit slowly. This difference reflects greater demand for living near cities, which are home to most new jobs, and also reflects supply factors. The number of properties available to rent in larger cities is falling, with 13% fewer properties available to rent in Dublin now than a year ago.”