RENTAL prices across Limerick and the Mid West are now at their highest levels since records began, according to Limerick Chamber.
The Chamber’s Rental Monitor report for September showed that average rental prices for Limerick City and environs are now sitting at €2,060 per month, down slightly on August which saw average rents of €2,069 per month.
August and September of 2023 have been the most expensive months for rent on record in Limerick City, according to the Chamber.
However, there was an increase in the amount of properties available to rent in the city and suburbs, with 31 available properties.
This is the first time that figures have reached 30 since the Chamber started keeping its records in August 2022.
Rents in County Limerick have also reached record figures, with the average rent now sitting at €1,943, a five per cent increase on the previous month.
Across the Mid West, there were 101 properties available to rent in September, marking a decrease of 18.
County Clare had 27 properties available to rent, while Tipperary had 25, with Limerick having 49 across the city and county.
Commenting on the figures, Limerick Chamber’s Chief Economist and Director of Policy, Seán Golden, said that the latest increases represent a “worrying” sign for renters.
“September experienced the most expensive average and median rental prices since our records began and, overall, the price trend has been upward over the last year, which is a very worrying sign for renters,” he said.
“However, it isn’t all bad news, the Mid West has had triple digit availability for the last three months, this is the first time since December 2022. However, this is also on a downward trend.”
Mr Golden continued: “The lack of adequate rental availability has put upward pressure on rental price and in turn causes upward pressure on wage demands.”
“Limerick city and county are on a very slow upward trend, but it will take some time to reach the critical mass if it continues at its current pace. Comparing this to the whole county of Limerick, there has been somewhat of a plateau, meaning the city gains are coming from county losses.”
Eoghan Carr, Economist and Policy Analyst at Limerick Chamber, added: “With an average rental cost of €1,673 in the Mid West, September 2023 is now the most expensive average rental price since our records began. This highlights the constant uphill battle renters and prospective buyers face.”
