THERE were 10 less homes to rent in Limerick city and environs in October compared to the previous month.
That’s according to Limerick Chamber’s latest Mid West Rental Monitor, which found that there were just 21 homes available to rent in the area during October.
The average price of the properties available to rent was €1,989, with the median price standing at €2,000 per month.
In County Limerick, there were just 34 properties available to rent, with the average price standing at €1,780, while the median price was €1,650, both representing a decrease on the previous month.
Elsewhere in the Mid West, Clare saw an increase in the number of homes available on the rental market, with a total of 38 available in October.
Tipperary saw a similar trend, with a total of 33 residential homes available, an increase of eight on the previous month.
Seán Golden, chief economist and director of policy at Limerick Chamber, said: “October 2023 rental prices in the Mid West region of Ireland saw a noticeable dip after reaching peak levels in September. Supply in Limerick City has dropped by 16 per cent year-on-year, while at the county level it has dropped by 15 per cent.
“At the same time, prices have increased by 23 per cent across the whole county and 18 per cent in the city. Meaning, new tenants would pay an additional €3,500 – €4,000 when renting now, compared to if they were to rent at the same period last year.
“While November brought some good news on the housing front, it will be a long time before the critical mass required by the rental sector is met,” he concluded.
Eoghan Carr, economist and policy analyst at Limerick Chamber, said: “On the surface, October’s results appear somewhat positive, with triple digit rental availability (106 homes) and the average rental costs across the region decreasing. However, it would be imprudent to not mention the irregularity of the pattern of rental availability.”
“Price remains excessively high, especially when compared to last year. Fortunately for the Mid West, the decrease in rental availability in Limerick has coincided with an increase in rental availability in Clare and Tipperary – as rental supply has grown since the previous month by 41 per cent and 32 per cent for Clare and Tipperary respectively.”