Small steps for Mid West rental market as increased supply leads to slight price drop

Limerick Chamber Chief Economist Seán Golden.

JANUARY 2024 saw a slight improvement in the Mid West rental market compared to December 2023, according to a report published by Limerick Chamber.

The Chamber’s monthly Mid West Rental Monitor for January shows a slight increase in the number of homes available to rent in the region, with a slight decrease in prices to boot.

The most recent rental monitor showed that there were 22 extra properties available across the Mid West compared to December, while a slight decrease was reported on the average paid in rent each month.

The average rental price across the Mid West in January stood at €1,720, a decrease of €16 on the previous month.

Looking at Limerick city and suburbs, the Chamber’s report showed two additional properties available to rent compared to December.

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The report showed prices drop by nine per cent in the city and three per cent in the suburbs.

In the county, there were 18 more homes on the market in January than in December, which was coupled with an eight per cent decrease in the average rental price.

County Clare also saw an increase in available properties, with 24 homes available, up six compared to December, while Tipperary was the only Mid West county to report a drop in the number of homes available to rent, with only 19 homes available, the lowest number since Limerick Chamber started the Mid West Rental Monitor.

Chief Economist and Director of Policy at Limerick Chamber, Seán Golden, said that “December represented a very bleak picture for renting across the entire Mid West, not only did it have the lowest availability since we began this report, but it was also combined with the highest average and median cost recorded. January has seen a slightly more positive picture emerge, with supply increasing in Limerick and Clare, as well as seeing a decrease in average prices.”

“Tipperary, unfortunately, showed the opposite. While January represented an all-round more positive picture, there is still serious cause for concern with the availability of rental homes being totally outstripped by renter demand. There needs to be a serious acceleration of affordable homes across the entire Mid West or else this issue will continue for quite some time.”