RENTS in Limerick have seen the biggest increase nationwide, according to the latest Daft.ie Rental Report.
The report, which looked at the third quarter of 2023, showed that rents in Limerick increased by 21 per cent in the last quarter, with the average rent for a two-bedroom house in Limerick City standing at €1,461 per month.
The average rent for a two-bedroom house in County Limerick was €1,126 per month.
The price of renting a single room in the city centre saw the biggest rent increase, with the price of rent up 30 per cent year on year. The average rent of a single bedroom, shared with other occupants in the home, in the city centre was €625 per month.
A double bedroom in the city centre also saw a big increase, with the average rent up 20 per cent year on year, coming in at €671 per month.
In the suburbs, the price for a single bedroom was €590 per month, up 16 per cent, while a double room would set renters back €634 per month, an increase of 11 per cent.
The Daft report outlined that rental stock remains too low, with just 250 homes available to rent across Munster on November 1.
Nationally, the report showed that rents are up eight per cent year on year.
The report’s author, Ronan Lyons, associate professor of economics at Trinity College said that while rents are increasing, so is supply.
“With this Q3 Daft.ie rental report, it is possible to state that the recovery in availability continues. There were almost 1,800 homes available to rent on November 1st, again a 64 per cent increase compared to the same date a year previously,” he said.
“There have now been seven months during which availability of rental homes has improved year on year and for the last four of those months, the rate of improvement has been substantial (over 60 per cent) and relatively steady.”
Professor Lyons continued: “By any objective measure, having just 1,800 homes on the rental market for a country that has, as of the April 2022 Census, at least 330,000 households in the private rental market is far too little.”
Following the publication of the report, Limerick Sinn Féin TD Maurice Quinlivan demanded that the Government ban rent increases.
“Renters in Limerick desperately need a break. It is time for the Government to take up Sinn Féin’s proposal to ban rent increases for three years and to put a full month’s rent back into every private renter’s pocket through a refundable tax credit,” the Sinn Féin deputy said.
“Government must also increase and accelerate the delivery of affordable rental and purchase homes. People across Limerick suffering under the housing crisis can’t keep waiting for this out of touch government to act.”