Rents in Mayo are now up 30% from their lowest point at an average of €672 per month, according to the latest Daft.ie quarterly Rental Report. On average, rents in the county are up 8.1% in the second quarter of this year compared 2017.
A one bed apartment in Mayo now averages €487, a 10.6% increase. The most expensive in the county is a five bed house which costs €793 per month to rent, an increase of 14.5% on 2017.
Nationally, rents have increased by an average of 12.4% in the year up to June 2018. This represents the ninth consecutive quarter in which a new all-time high for rents has been set and also in which annual inflation in rents has been greater than 10%. The average monthly rent nationwide during the second quarter of 2018 was €1,304. This is €274 per month higher than the previous peak in 2008 and over €560 higher than the low seen in late 2011.
There were 3,094 properties available to rent nationwide on Thursday, August 16, with 107 of those in Mayo. This marks a 4.8% increase on the same figure a year ago but, aside from August 2017, the total availability is the lowest on record, going back to 2006. The small increase nationally was driven by Dublin, where availability improved from 1,121 to 1,397 comparing this August to a year ago. Elsewhere in the country, availability continues to fall.,
Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “While the building of new homes appears to be having some effect in the sales market, with inflation easing somewhat, there is no counterpart in the rental sector. While urban apartments make up almost all the net need for new homes in the country as a whole, just 13% of new homes completed in the year to March were urban apartments. In that context, it is unsurprising to see rents rise once more. As before, with such a mismatch between supply and demand, policy must focus on dramatically increasing the construction of urban apartments, for both market and social housing needs.”