Classifieds.advertiser.ie, Galway’s largest online property rental site, shows a total of 113 properties are available for rent in Galway City largest (Wednesday ).
This figure is the total number of properties available for rent from single room bedsits to six bedroom properties. It also includes property available for rent as ‘digs’. This is a significant decrease on the number of properties normally available at this time of the year, and reflects the overall shortage of supply in the market, and the annual influx of students which is taking place.
Research conducted by classifieds.advertiser.ie shows the existing housing stock levels available for rent are less than one quarter of the number available in early September in the years 2009 and 2010, just after after the economic crash.
Many students particularly have expressed extreme frustration at the difficulties in finding rental accommodation, and large numbers from outside the county have made many trips to Galway over the last few weeks, seeking a place to live.
The shortage of supply at this time of year has been a growing problem for a number of years, and reflects both the dramatic slowdown in the construction of new housing, and the increasing number of students seeking accommodation in the city.
The drop in supply has also led to an increase in rental charges, with industry estimates that rental accommodation in the city is now in excess of 10 per cent more expensive than last year. There are many examples of managed student accommodation renting out months in advance, and this is making life even more difficult for first year students, who can only confirm they will be attending college in Galway in late August, when course places are allocated.
The increase in the number of properties now being rented by the non-student population has also reduced the size of available housing stock even further. The rental shortage is evident throughout all areas of the city, and, in the absence of a program of construction, is expected to worsen in the coming months.
Average rental prices for 2 bed houses or apartments in the city centre vary from €800 to €1000 p.m., and 3 bed houses in the same area are renting for as much as €1200 p.m. One bed apartments in the city centre are renting for between €650p.m. to €750 p.m., and those considering staying in ‘digs’ can expect to pay in excess of €100 for their Sunday to Friday lodging.
To view property available for rent in Galway, log onto classifieds.advertiser.ie/property.