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Rents at all time high

Thursday, 16th February, 2017 12:07pm

Rents are continuing to rise in Galway City, with the average price now standing at €975 – an increase of 10 per cent in the last year.

In the rest of the county, rents were on average 10.9 per cent higher in the final three months of 2016 compared to a year ago.

The average advertised rent is now €673 in the county, up 32 per cent from its lowest point recorded during the financial crash.

According to the latest national reports from property website Daft.ie, Galway City is the third most expensive city to rent a property in.

The averege rent in the city (€975) is just €125 under the national average rent price of €1,100.

The rental price tag in Dublin now stands at €1,643 while Cork is €1,096 and in Limerick the price is €875, while Waterford is €745.

There were just under 4,000 properties available to rent nationwide as of 1 February.

This marks a slight improvement on the same date from this time last year, when there were just under 3,600 properties available to rent.

Economist at Trinity College Dublin and author of The Daft.ie report, Ronan Lyons commented, “Unsurprisingly, the issue is a severe imbalance between supply and demand.”

He went on to say that “the crucial difference between 2007 and 2017, is the size of the renting population”.

He anticipates rents will continue to increase in Galway.

“Given that the population of Galway is rising steadily, and given that almost nothing is being built in the city - certainly very little for rent - the trend of rising rents is likely to continue for the foreseeable future.”

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