RENTS in Limerick have increased by an average of €400 a month compared to 2022, according to newly-published figures.
The Limerick Chamber Rental Monitor shows a year-on-year increase in rental prices from February 2022 to February 2023.
This comes as just 86 homes were available to rent in the entire Mid West region last month, and only 21 of them in the county Limerick area.
The report found that throughout February there were just 16 properties to rent in Limerick City and its environs, at an average monthly rent of €1,828.
In County Limerick, the average price for a rental home was €1,642, with 26 houses available on the rental market – the lowest figure since the Chamber’s records began in August 2022.
Limerick Chamber economist Diarmuid O’Shea says that low supply is the main driver behind the increasing prices.
“Supply remains low, with February showing similar patterns to January’s rental performance. The current data suggests that supply is not improving, with 16 residential homes available to rent in February 2023.
“Five apartments were available to rent in Limerick City and environs in February 2023. In February 2022, there were 22 apartments available. The level of apartments available in an urban space such as Limerick City needs to be much higher in order to achieve an attractive urban living space.”
The Chamber’s chief economist Seán Golden added that “having a full 12 months’ worth of data allows us to assess how the market compares to this time last year. The average rent is €400 per month more expensive than it was this time last year for Limerick City and environs.”
“Supply is also down, with 16 residential homes available in February 2023 versus 30 available in February, 2022. Residential homes available for rent has also been falling for the Mid West for the last number of months – 86 homes across the region being the lowest in terms of availability since data collection began in August.”