Limerick Chamber reports worst month on record for new renters

Limerick Chamber Chief Economist Seán Golden.

DECEMBER 2023 was the worst month for rental availability in the Mid West since August 2022, according figures published by Limerick Chamber.

According to the Chamber’s monthly rental monitor, December saw just 76 properties available to rent in the three Mid West counties of Limerick, Clare and Tipperary.

As well as a decrease in the number of properties available, the prices of properties on the rental market increased on the previous month, with the average rental price across the Mid West region now standing at €1,736 in December, compared to €1,600 in November.

In Limerick City and environs there were just 34 properties available to rent, according to the Chamber’s Rental Monitor, a drop of seven properties compared to November 2023.

“This is largely due to the market being bolstered by new apartments coming on the market at the Ardhu in the city,” the report stated.

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The average rental price in Limerick City for December was €2,373 per month, while the median stood at €2,225.

It is also noted that, in December, 100 per cent of available rental properties were apartments, with no houses available on the rental market.

County Limerick also saw a drop in the number of properties available to rent, with just 37 listed, a decrease of 18 homes from the previous month.

The average rental price in County Limerick was €2,183, the highest since Limerick Chamber started keeping records in August 2022.

The median price was also the highest since the Chamber began collecting data, standing at €2,100.

Clare and Tipperary also saw a drop in the number of homes available to rent, with just 18 homes available in Clare, and 21 in Tipperary.

Seán Golden, chief economist and director of policy at Limerick Chamber, said: “Despite very positive changes seen in November, December turned out to be the lowest availability since we began this report, combined with the highest average and median cost recorded. All counties of the Mid West saw a decrease in availability of rentals in December, with price changes varying across counties.”

“The data suggests that December was incredibly difficult for new renters and hopefully it represents a once off decline rather than becoming a longer-term trend. As we saw in Limerick in December, new supply is critical to increasing our regional numbers, however, the region needs a substantially greater amount.”