Average rents in Offaly have increased by over €300 since 2011

Average rents in Offaly have increased by over €300 since 2011

Damian Moran

Reporter:

Damian Moran

Average rents in Offaly have increased by over €300 since 2011

Average rents in Offaly have increased by over €300 since 2011

Average rent in Offaly has increased by over €300 from the lowest point in 2011. 

That's according to the latest quarterly Rental Report by Daft.ie which shows that the average advertised rent in Offaly is now €868, up 64% from the lowest point. Rents in Offaly were on average 11.3% higher in the third quarter of 2018 than a year previously.

The rise in Offaly is the same as the increase in national average of 11.3% in the year to September 2018. This national figure represents the tenth consecutive quarter in which a new all-time high for rents has been set and also in which annual inflation in rents has been greater than 10%.

The average monthly rent nationwide during the third quarter of 2018 was €1,334. This is €304 per month higher than the previous peak in 2008 and over €590 higher than the low seen in late 2011.

There were 3,214 properties available to rent nationwide on November 1st. This marks a 4.5% decrease on the same figure a year ago and the lowest total for November on record (since 2006). There has been a small increase in availability in Dublin (up 6.4%) but this was more than offset by falls in availability elsewhere, in particular elsewhere in Leinster (down 15%) and in Munster (13%).

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said, “The latest figures, showing a further strong rise in rents around the country, may not be surprising. Nonetheless, the condition of the private rental market remains a cause for huge concern, with very strong demand not being met by supply. A comparison of the country’s households and its dwellings reveals an acute shortage of apartments, not family homes. However, the recent increase in residential construction is being driven by estate houses, not apartment schemes. Dramatically increasing the construction of urban apartments, for both market and social housing sectors, must become the priority for policymakers in 2019.”