The latest Mid-West Rental Monitor released by the Limerick Chamber unveils a stark contrast in the Mid-West’s rental landscape, marking a significant downturn in availability coupled with an unprecedented surge in prices for December 2023.
According to the report, December 2023 witnessed a drastic reduction in available residential rentals across the three counties of the Mid-West region. The data revealed a staggering decline of 46%, plummeting to 76 residential properties available—a distressing contrast to November’s figures. This decrease was concurrent with an alarming spike in rental prices, showcasing an average increase to €1,736 from €1,601 and a similar surge in median prices to €1,600 from €1,500 when compared to the previous month.
The month’s figures reveal an alarming trend—December 2023 registered the highest rental prices observed in the Mid-West since this research began in August 2022. Co. Limerick, Limerick City and Environs felt the brunt of this upheaval with a notable increase in rental rates and a scarcity of available properties. However, Limerick City saw a marginal rise in available rentals to 34 homes, mostly attributed to new build apartments entering the market. The average and median prices were €2,273 and €2,225, respectively for Limerick City and Environs — marking the highest prices since research inception. Comparing December 2023 to the same period in 2022, the statistics are glaring—average prices escalated by 31%, and median prices soared by 44%. The data also highlighted an intriguing facet: in December 2023, 100% of available rentals in the city comprised apartments. In Co. Limerick as a whole, the scenario remained challenging, witnessing a decline in available homes to 37 — a drop of 18 homes from the previous month. Both average and median prices surged, hitting peaks with averages at €2,183 and medians at €2,100. The comparative figures to December 2022 showcased a substantial increase of 37% in average prices and 50% in median prices.
Moving to Co. Clare, the region experienced a drastic decrease in available rentals, dropping from 46 in November 2023 to 18 in December 2023—the lowest observed since research inception. Despite a slight month-on-month decline in average and median prices, the year-on-year comparison painted a contrasting picture with a noteworthy increase of 18% and 6%, respectively.
Similarly, Co. Tipperary faced a challenging scenario with a decrease in available rentals to 21 homes — a near-low since the research began. The average and median prices witnessed a slight decline from the previous month. Comparing prices to December 2022, average prices exhibited a 2% increase, while median prices saw a 7% decrease.
Commenting on the release, Seán Golden, Chief Economist and Director of Policy at Limerick Chamber said “Despite very positive changes seen in November, December turned out to be the lowest availability since we began this report, combined with the highest average and median cost recorded. All counties of the Mid-West saw a decrease in availability of rentals in December, with price changes varying across counties. The data suggests that December was incredibly difficult for new renters and hopefully it represents a once of decline rather than becoming a longer-term trend. As we saw in Limerick in December, new supply is critical to increasing our regional numbers, however, the region needs a substantially greater amount”
Read the full report here:
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