Rent prices continue to rise in Westmeath

Rents in Westmeath were on average 10 per cent higher in the final quarter of 2015 than a year previously, according to the latest quarterly rental report by Daft.ie

Rents rose nationwide by an average of 9 per cent during 2015. This compares to an increase of 10.7 per cent in 2014 and 6.7 per cent in 2013. The national average rent between October and December was €979, compared to €898 a year previously.

For the third quarter in a row, annual inflation in rents outside Dublin, at 9.8 per cent, was greater than in the capital (8.2 per cent ). The highest rates of inflation are in the cities outside Dublin, with rents 15.4 per cent higher than a year ago in Cork city and 13.3 per cent higher in Galway city. In Limerick and Waterford cities, annual rental inflation stands at 12.4 per cent and 10.3 per cent respectively.

Supply on the market on February 1, 2016, was at its lowest point on record, with just 3,600 properties available to rent nationwide compared to more than 5,200 a year ago and almost 16,000 five years ago. The average advertised rent in County Westmeath currently stands at €653, up 24 per cent from the lowest point in 2013.

Ronan Lyons, economist at TCD and author of the Daft.ie Report, said: “Ahead of the election, there is no sign of any improvement in the extreme lack of rental accommodation throughout the country, particularly in Dublin. The shortage of accommodation was first identified in the Daft.ie Report in late 2010, ahead of the last election. Unfortunately, at the time, the political focus was on legacy issues related to ghost estates and negative equity. Hopefully, the new Government will focus on taking the necessary steps to increase availability of homes to rent early in its term of office.”

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