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25 Jan 2022

Average Offaly rent now above €1,000 a month

Average Offaly rent now above €1,000 a month

Average Offaly rent now above €1,000 a month

The average price to rent a property in Offaly has now surpassed €1,000 a month.

According to the latest Rental Report by Daft.ie, rents in Leinster's midland counties rose 9.6% year-on-year, reflecting a sharp fall in availability - just 55 homes were available to rent on August 1, down more than half compared to a year ago. Just 8 homes were available to rent in all of Offaly.

In Offaly, it is even higher than that midlands average with rents on average 11.3% higher in the second quarter of 2021 than a year previously. The average listed rent in the county is now €1,045, up 98% from its lowest point.

Offaly has moved well beyond the national picture. National rents have increased by 5.6% - the strongest year-on-year increase since mid-2019. National rental supply has hit an all-time low with only 2,455 rental homes available across the country - this is lowest number on record.

There are less than 800 rental homes available outside Dublin.

There continues to be significant differences in trends across regions. In Dublin, rents rose for the second consecutive quarter, by 1.4% between March and June, but are just 0.5% above the level seen a year ago. The other cities, however, have seen much larger increases in rents: in Cork, Galway and Limerick cities, rents are between 9% and 10% higher than a year ago, while in Waterford, they are nearly 12% higher. Outside the cities, rents rose by 8.6% in Leinster, by 13.7% in Munster and by 14.7% in Connacht-Ulster.

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “As the impact of Covid-19 on daily life begins to recede, the underlying issues facing Ireland’s rental sector are re-emerging. It is a sector facing unprecedented shortages, with extraordinarily tight supply: to give just two examples of many, there were just 15 homes available to rent in Waterford, city and county, on August 1 and only 8 in all of Offaly.

"Ireland’s rental sector has undergone a lost decade and half, with almost no new rental homes built. This cannot be solved by trying to regulate prices. It can only be solved by adding significant amounts of new supply – and not only in Dublin. In that regard, policymakers – and citizens – should be wary of anything that limits the ability of foreign savers to build new rental homes here.”

Average rents, and year-on-year change, Q2 2021

Dublin: €2,035, up 0.5% year-on-year
Cork city: €1,524, up 9.1%
Galway city: €1,443, up 9.0% 
Limerick city: €1,337, up 9.8% 
Waterford city: €1,136, up 11.9% 
Rest of the country: €1,117, up 11.4%

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