Rents rising in NW . . . but fastest in Leitrim

Rents throughout the north west have now increased from 70% to almost 90% from their lowest points.

That’s according to the latest Rental Price Report published today.

The biggest increase in rents in the north west has been in County Leitrim, where prices were, on average, almost 25% higher in the final quarter of 2021 that a year previously.

The average listed rent in Leitrim is now €779, that’s up 89% from its lowest point.

In Sligo, rents were, on average, 19.5% higher in the final quarter of last year than the year before.

The average listed rent in Sligo is now €961, an 85% increase from its lowest point.

Overall, rents in Connacht rose more than 20% year-on-year, reflecting very low availability.

Just 108 homes were available to rent in the entire province on February 1st, a reduction of 22% in a year.

In Donegal, rents were, on average, 24.3% higher, with the average rent now €826, an increase of 70%.

Rents in the three Ulster counties of Donegal, Cavan and Monaghan rose almost 20% year-on-year.

In those three counties, just 50 homes were available to rent on February 1st.

Ronan Lyons, associate professor of economics at Trinity College in Dublin and author of the Daft Report, said the reobund in economic activity as public health restrictions are relaxed has resulted in a strong demand for rental accommodation.

He added that, overall, the number of rental ads was at its lowest ever on record at the beginning of February.

Ronan Lyons, says a lack of supply is driving up rental prices: