- Only 90 homes to rent across the whole three counties in the Mid-West, with an average price of €1,419 – an increase of 16% on October’s figures.
- Residential availability in Limerick City and Suburbs for April 2023 remains broadly in line with April 2022 figures, while average prices are €451 higher – meaning a new tenant could pay upwards of an extra €5,400 per year compared to last year
- The whole of Co. Limerick saw the amount of homes available to rent decrease to 42 in April 2023 – a decrease of 5 homes month-on-month, Co. Clare saw a large decrease in the number of homes available from the previous month (-12) with 21 residential homes available in April 2023 while Co. Tipperary increased by 5 to 27 homes available.
The Limerick Chamber Rental Monitor highlights the rental availability on the open market across the Mid-West, with Co. Limerick, Co. Clare and Co. Tipperary, as well as Limerick City & Environs being monitored (included in Co. Limerick).
The April 2023 edition of the Limerick Chamber Rental Monitor sees supply remaining low in comparison to current demand for all counties across the Mid-West. Of the 42 residential homes available to rent in Co. Limerick, 19 were located within Limerick City & Suburbs with just 3 homes available in the core city centre. For Limerick City and Suburbs, supply is down 46% on where it was in the same month in 2022, while the average price per month is €451 higher. Meaning that a new tenant could be paying an additional €5,400 this year compared to what they would have paid last year.
Supply in Co. Limerick has rebounded in the last two months (42 and 47 in April and March) however, this is still down on August’s 61 homes. Comparing August 2022 to April 2023, the monthly average rental price is €132 higher in April.
Supply in Co. Clare is also on a downward trajectory with 57 homes available in August 2022, steadily declining to 21 homes in April 2023, however, there was a slight rebound in Q1 of 2023. Comparing August 2022 to April 2023, the monthly average price is lower, by €2, in April. Interestingly, over the last 9 months, price in Clare as remained relatively stable, even with large fluctuations in Supply.
Similarly, supply in Co. Tipperary is also on a downward trend with 55 homes available in August 2022, declining to 27 homes in April 2023, albeit with more peaks and troughs than Clare and Limerick. Out of all three counties, average monthly rental costs remains the most stable in Tipperary roughly landing on the €1,100 to €1,200 bracket – regardless of supply.
‘The amount of rental accommodation to rent across the whole of the Mid-West, including the individual counties, has been on decline since Limerick Chamber started producing the market availability monitor. Places like Limerick City shows a strong relationship with supply a demand, with prices increasing as supply dwindles. However, this is less evident in Clare and in particular Tipperary which has shown stable average prices over the last nine of months, regardless of supply.
Just 90 homes to rent across the entire region puts future growth at risk, not only do we have to accommodate existing demand, but we have to plan for the future too with companies looking to expand and open new locations across the entire Mid-West. These new jobs often amount to hundreds of new positions and given the low rate of unemployment across the Mid-West, not all recruitment will be carried out within the existing pool of workers.
Unfortunately, we are going in the wrong direction, compared to when we started gathering data for the whole region in August 2022, April 2023 figures represent 48% less availability of homes to rent. Not only do we need an increase in all types of housing, but there is a particular shortage in the number of one-beds with just 11% of this month’s supply being one-beds and just 33% being apartments’ said Seán Golden, Chief Economist and Director of Policy with Limerick Chamber.
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