- Rent prices are up c. €400 Year-on-Year (YoY) to February 2023. 30 residential homes available to rent in February 2022 compared to 16 in February 2023 (Limerick City & Environs).
- 34 apartments available for residential rent in the Mid-West, with 5 of them available in Limerick City & Environs.
- Limerick City & Environs residential availability has remained below 30 homes per month for 6 consecutive months, with January and February of this year being the lowest.
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.
The February 2023 edition of the Limerick Chamber Rental Monitor brings about the first opportunity to compare YoY data for Limerick City & Environs. This is important when understanding the context of the current rental market. Across the Mid-West region, 86 residential homes were available to rent during February. This is a decrease of 9 on the January 2023 total. The average price to rent a residential home in February was €1,317, a slight drop on the average price in January.
For Limerick City & Environs, 16 residential homes were available to rent at an average price of €1,828. The 16 homes are the same total as January’s availability, with a slight fall in average price. In February 2022, there were 30 residential homes available to rent at an average price €1,440. To put this into context, the additional c. €400 per month in rent would represent an extra €4,800 per year in rental costs to an individual.
For Co. Limerick, there were 26 residential homes available to rent at an average price of €1,642. 26 residential homes available to rent is the lowest total since data collection began in August 2022. There were 8 apartments available to rent for residential use in February, the joint lowest total along with January 2023. There were four one-bed homes available.
In Co. Clare, there were 35 residential homes available to rent in February at an average price of €1,119. 16 apartments and 10 one-beds were available to rent in Co. Clare in February. Co. Tipperary saw 12 less residential homes available to rent in February than in January (25 vs 37).
Supply remains low, with February showing similar patterns to January’s rental performance. The current data suggests that supply is not improving, with 16 residential homes available to rent in February 2023. Five apartments were available to rent in Limerick City and Environs in February 2023. In February 2022, there were 22 apartments available. The level of apartments available in an urban space such as Limerick City needs to be much higher in order to achieve an attractive urban living space.
Says Limerick Chamber Economist Diarmuid O’Shea.
Having a full 12 months worth of data allows us to assess how the market compares to this time last year. The average rent is c. €400 per month more expensive than it was this time last year for Limerick City & Environs. Supply is also down, with 16 residential homes available in February 2023 versus 30 available in February, 2022. Residential homes available for rent has also been falling for the Mid-West for the last number of months, 86 homes across the region being the lowest in terms of availability since data collection began in August
says Limerick Chief Economist Seán Golden.
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