27 Nov 2021

Average rent in Offaly rises again to reach significant milestone

Average rent in Offaly rises again to reach significant milestone

Average rent in Offaly rises again to reach significant milestone

THE average rent in Offaly has jumped again and has reached a significant milestone.

Average rents in Offaly now stand at €1076, a massive rise of 103 per cent from its lowest point in the post Celtic Tiger recession, the latest survey shows.

In Offaly, rents were on average 10.4pc higher in the third quarter of 2021 than a year previously.

Rents in Leinster's midland counties rose 9pc year-on-year, reflecting a sharp fall in availability There were just 41 homes available to rent on November 1, the lowest on record. 

Nationwide rents in the third quarter of 2021 were an average of 6.8pc higher than the same period in 2020.

The average monthly rent nationwide between July and September was €1,516, up 2.6pc on the first quarter and more than double the low of €742 per month seen in late 2011.The increase in rents around the country reflects an on-going and unprecedented scarcity of rental homes.

Nationwide there were just 1,460 homes available to rent on November 1, an all-time low in a series that extends back to January 2006.

Nationally the level of availability now is almost half the lowest level recorded between the start of 2006 and the outbreak of Covid19, which was 2,706 in mid-2019. While Dublin had initially seen an increase in availability after the start of the pandemic, there were just 820 homes available to rent on November 1st, the lowest ever recorded for the city in two decades.

In Dublin and in the other cities, the stock of homes to rent is between 70pc and 80pc lower than a year ago. Outside the cities, availability continues to fall – with just 559 homes to rent, down almost half on a year ago.

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said, “Covid-19 temporarily reshuffled Ireland’s rental problems but the latest figures confirm those problems of shortages are getting worse over time.” 

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