There was bad news for students moving to Galway this week, as the latest Daft.ie report has shown that rents in the city are on the rise.
The latest Rental Report from the property website showed an increase of 0.2 per cent in rents in Galway City in the last year, with the average rate now standing at €756.
With CAO points out this week, the latest figures will make interesting reading for new and returning college students. Between 2007 and 2010, rents fell steadily but since then, this has levelled out and increases have been seen in some popular areas.
This quarter’s Daft.ie report showed that the cost of a double-room close to NUI Galway and GMIT has risen slightly from last year, with an average increase of 2.4 per cent to €338.
Commenting on the report, USI President John Logue said that the savings were still substantial compared to previous years.
“Rents are still down 25 per cent from their peak in 2007, meaning students now are at a significant advantage compared to their boom-time peers. Savings in rents provide a rare comfort to families that are faced with ever-increasing costs,” he said.
A single room in the city centre is now priced at €289, while a one-bedroom apartment is averaging at €652. A two-bedroom apartment is priced at €831, a three-bedroom at €1,029 and four-bedroom at €1,248.
Meanwhile, rents in the country continue to fall and are now 3.6 per cent down on last year’s figures. The average rent in the country is now €547, a fall of 26 per cent from the peak of the Celtic Tiger boom.