Daft Rental Report, Offaly Q2 2010 – Rents largely unchanged in second quarter of 2010

Rents largely unchanged in second quarter of 2010

19th August, 2010 – Rents across the country fell by less than 1% between April and June, according to the latest report published by the property website Daft.ie. In July, the average asking rent in the country was just over €835 per month, down 5% on the same time last year.

In the second quarter of the year, rents fell by between 1% and 3% in Dublin, Cork and Waterford city centres. In Galway city and Limerick city, rents increased by up to half a percent, while elsewhere in the country rents fell by 1% on average. Commenting on the report, Ronan Lyons, Economist with Daft.ie said, “The year-on-year fall in rents is now at its slowest pace in two years, suggesting that the rental market may be close to stabilising. Nonetheless, the total stock of properties available to rent remains high, which means we are unlikely to see rents rising rapidly in the near future.”

Rents in Offaly
Rents in West Leinster fell 1.3% between April and June, the second quarter in a row of small falls in rents. The average rent in Offaly in the second quarter of 2010 was €605, down 0.9% on the first quarter and about €205 lower than the peak in 2008.

With Leaving Certificate results out yesterday, the latest figures will be welcome news for new and returning college students. This is the third year in a row that rents have been lower than the previous year. Compared with 2007, a typical student renting a two-bedroom property could expect to save between €1,500 and €4,000 over the course of the academic year.

The cost of accommodation for students still varies significantly around the country, with the average cost for a double room in Dublin city centre about twice the cost of renting in Athlone, Castlebar and Tralee.

Table: Universities and ITs ranked by average cost of double room

College Area Average monthly rent Year on year change
TCD / DIT Dublin City Centre €501 -6.2%
UCD/ IT Tallaght South Dublin City €467 -4.1%
DCU North Dublin City €402 -6.7%
IT Blanchardstown West County Dublin €376 -5.5%
NUI Maynooth Maynooth €361 -1.6%
UCC Cork City Centre €345 -3.1%
NUI Galway / GMIT Galway City Centre €339 -3.7%
Cork IT Cork City Suburbs €325 -4.1%
Carlow IT Carlow town €289 0.3%
Waterford IT Waterford City €286 0.0%
Sligo IT Sligo town €266 -0.7%
UL / Limerick IT Limerick City Centre €265 -4.7%
Athlone IT Athlone €262 -3.3%
GMIT Castlebar €260 -3.3%
IT Tralee Tralee €257 -7.9%
Letterkenny IT Letterkenny €219 -2.2%

The full report, available online at www.daft.ie/report contains a special snapshot for students on rents close to all major universities and ITs, as well as a commentary by Gary Redmond, President of USI, and analyses of affordability and residential yields around the country.

Comments are closed.