Rents in Athlone on the increase

The average monthly rent in the private rented sector in Westmeath was €543 in the first quarter of the year, while the average in Athlone town was €571.

Both figures show small increases on the previous quarter and also increases compared to the same three-month period last year.

The figures were published this week by the Economic and Social Research Institute (ESRI ) for the Private Residential Tenancies Board (PRTB ) and relates to properties registered with the PRTB.

It shows an increase of €7 when compared with the previous quarter and an increase of €6 on the first quarter of 2014, when the figure was €537.

According to the figures, it costs €650 to rent a four-bed house in Athlone, which is an increase of almost €30 when compared to last year. A three-bed house costs €582 compared with €573 last year, while a two-bed property now costs €554, which is a decrease on €583 in the first three months of 2014.

The figures relate to rents paid, as distinct from the asking or advertised rent.

Rents for private sector accommodation across the country rose by 6.9 per cent in the year between the first quarter of last year and the first three months of this year. Rents for houses were 6.5 per cent higher, while apartment rents were 7.8 per cent higher.

Annual growth in the Dublin market was stronger, up by 9.6 per cent, with house rents in the capital up 9 per cent in the year, and apartment rents up 10.8 per cent. Annual growth in rents for the market outside Dublin remained more subdued, recording growth of 5.3 per cent compared to the first quarter in 2014.

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