Rental supply at the Mid-West level has a bumper month in July

The total number of homes to rent across the Mid-West increased to 130 homes in July, up from 87 in June.

130 homes to rent across the whole three counties in the Mid-West in July 2023 (an increase of 43 homes from June). This is the largest increase in residential rental availability in the Mid-West since our records began in August 2022 and sees the availability return to triple digits for the first time since March 2023.
July’s residential homes had an average price of €1,455 – a decrease of 6% on June’s figures.
There is a stark difference between the number of residential homes available to rent in Limerick City and Suburbs for July 2023 versus July 2022. July 2022 saw 31 homes available to rent while July 2023 saw 22 homes available – a decrease of 29%. During the same period, average prices increased from €1,641 in July 2022 to €1,876 in July 2023 – an increase of 14%. This would represent an additional annual spend for a new tenancy of just over €2,800.
The whole of Co. Limerick saw 46 homes available to rent which is unchanged since June 2023. However, compared to August 2022, this represents a decrease of 15 homes (-25%). With average rent of June listings across the whole county now sitting at €1,649.
Co. Clare saw an increase in the number of homes available in July 2023, at 32 homes – up by 10 homes (46%) from the previous month. However, compared to August 2022, there has been a significant decrease in the number of homes available in Clare – decreasing from 57 to 32 available homes (a decrease of 44%). During this time, the average rental price increased by 16%, reaching €1,423 in July 2023.
Co. Tipperary has experienced a major increase in the availability of residential homes for rent as it increased from 19 in June 2023 to 52 in July 2023 – a 174% increase. This major increase sparked scepticism but was verified by several estate agents in the area. This dramatic increase is still below the 55 homes available to rent in August 2022. The average cost of rental for July is at €1,304 an increase of 14% from the previous month and an increase of 16% compared to August 2022.

Commenting on the release, Seán Golden, Chief Economist and Director of Policy at Limerick Chamber said

The Mid-West has experienced a significant increase in the availability of residential homes to rent in July – this is largely driven by drastic increases in Tipperary and to a lesser extent, Clare. However, Limerick remains unchanged. While the average cost of rentals has fallen at the Mid-West level, this is likely due to increased amounts of smaller homes. That said, the underlying data paints a more negative picture. Both Limerick City and County have remained relatively stable in terms of supply with no sign of it increasing, with average prices remaining high. While Counties Tipperary and Clare saw increases in the number of homes available, they also saw an increase in prices. Historically, Tipperary has been the most affordable place to rent in the Mid-West, however, in July they have closed the gap with Clare and Limerick. This is important to note, while supply might increase, that does not mean that prices will decrease – this month has shown the opposite. Over the last year, across all three counties, prices have been trending upwards.

Commenting on the release, Eoghan Carr, Economic and Policy Analyst at Limerick Chamber said

July experienced the largest increase in residential rental availability in the Mid-West since our records began in August 2022. This major increase sparked scepticism and we spoke to local estate agents where roughly one third verified they were seeing supply increases, while two thirds haven’t noticed anything significant. July could be an outlier, but only time will tell. The type of homes on offer has shifted towards smaller dwellings such as apartments and 1-beds, this is most welcome.

A notable change, is the increase in the number of granny flats available in the Mid-West, earlier in the year, no granny flats were available to rent, while in July there was 12 available across the entire Mid-West.

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