According to the latest rental report by property website Daft.ie rental prices in Mayo have increased by five per cent over the past 12 months, and a 3.5 per cent increase quarter on quarter. The report states that the average rental price in Mayo now stands at €588, with a a four bedroom house now costing on average €639 per month, an increase of almost six per cent on this time last year, while a three bedroom house will now cost on average €427 per month to rent, an increase of 4.7 per cent. A five bedroom house has an average rental price per month of €717 per month, an increase of 10.1 per cent in 12 months, by far the biggest percentage increase of any price of a rental property in the county according to the report.
When it comes to apartment rental, a one bedroom apartment in Mayo currently has an average monthly rental price of €427 up 4.7 per cent on this time last year, with a two bedroom apartment having an average rental price of €486 up 7.3 per cent in 12 months. There were 124 properties to rent in Mayo on Daft.ie's website earlier this week.
When it comes to renting versus buying a house, according to the report the cost of a mortgage per month against renting for a one bedroom apartment is €236 for a mortgage payment with the rental price being €427, a difference of €191, while for a two bedroom apartment the difference is €187 more if you rent. There is a similar trend when it comes to a three bedroom home, with a three bedroom house costing €238 more to rent that buy. However when it comes to four and five bedroom house the difference moves in the opposite direction, with a mortgage on a four bedroom home expected to cost €858 per month, while the report has found the cost to rent being €219 cheaper, while a five bedroom home is €256 less expensive to rent than purchase the report finds.