Housing: Poor supply driving up rents

Rental prices are increasing in and around Sligo, driven to a large extent by a poor supply of properties sought by professional workers.

According to Padraic Oates, of the Oates Breheny Group in Sligo, newly negotiated leases since the start of this year are seeing increases of six to seven per cent.

Figures nationally show that the rate of growth for rents in the private sector is slowing down.

The latest quarterly index from the Residential Tenancies Board shows rents grew by 8.6 per cent to March of this year, down from 9.2 per cent in the final quarter of last year.

But Padraic Oates says that in and around Sligo, lack of supply is contributing to an upward trend in rents.