- Total residential rental availability across the Mid-West was 129 homes in November, with 88.3% of homes having a BER rating of C or lower.
- Total availability of apartments was 35% of overall housing.
- Average cost of renting was €1,770 in Limerick City and Suburbs, €1,587 in Co. Limerick, €1,263 in Co. Clare and €1,059 in Co. Tipperary.
The November edition of the Limerick Chamber Rental Monitor indicates that the total rental market availability has seen a slight increase on the previous month (going from 137 to 145) for the Mid-West, while average prices remain high.
At a closer look, there were 24 residential homes available to rent in Limerick City and Environs, one less than last month, at an average price of €1,770. This is the highest average rent since data collection began (February 2022). Of these 24 residential homes, three were 1-bed homes and 11 were apartments available. Co. Limerick saw 44 residential homes available at an average price of €1,587, with 5 1-beds and 16 apartments available, with 4 of the available homes having a BER rating of B or higher, with the remainder being C or lower. This was an increase of 4 homes versus October’s availability.
Similar to last month, 41 residential homes were available in Co. Clare for November, of which four were 1-beds and 10 were apartments. 16 homes were located in Ennis and three in Shannon, two key towns in the county. The average residential price in Co. Clare was €1,263.
Co. Tipperary had 44 residential homes available in November, four less than October, with 8 1-beds and 14 apartments available. 25 of those homes were located between Thurles, Clonmel and Cashel. The average residential price in November for Co. Tipperary was €1,059.
Average rent for residential homes across the Mid-West continues to remain high, while supply is also lagging behind demand. Along with the monthly rent being a large part of peoples monthly take-home pay, we are in the Winter period where the cost of energy will add a significant constraint on household’s monthly bills. The Mid-West has a strong presence of talent and has proven to be an attractive place to invest in by Foreign Direct Investment (FDI) over the last number of years. Improving the delivery of appropriate and high-quality housing for both the rental and housing market will play a key role in reducing constraints on supply seen over the last year, and revitalising areas such as Limerick City Centre.
Seán Golden, Chief Economist and Director of Policy with Limerick Chamber.
We are in a period of the year where energy use is high due to the cold weather, and the standard of homes available often flies under the radar. Just 11.3% of the total residential stock across the Mid-West had a BER rating of B or higher for November. This means that the remaining stock is less energy efficient and will likely cost more to heat. On top of the high levels of rent currently seen in the open rental market, it will mean that people will have to spend more of their monthly take home pay on energy to heat their homes. Delivering higher standards of housing can reduce energy demand through better insulated homes, thus both saving money for households and improving the energy efficiency of the housing sector, which in turn has benefits for the wider environment.
Diarmuid O’Shea, Economist / Policy Analyst with Limerick Chamber.
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