• Residential availability is half its supply in March 2023 vs March 2022, with 18 homes available to rent in Limerick City. Rent prices remain c. €400 higher Year-on-Year (YoY) to March 2023.
• Co. Limerick sees a rise in residential availability, +21 Month-on-Month (MoM), while Co. Clare (-2) and Co. Tipperary (-3) see low levels of supply fall further.
• Average price remains largely unchanged for March 2023 MoM, with Co. Clare (+€47) seeing the biggest rise.
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.
VIEW THE MARCH MID-WEST RENTAL MONITOR
The March 2023 edition of the Limerick Chamber Rental Monitor sees the first significant rise in a residential supply in Co. Limerick which brings supply in the county closer to levels seen in 2022. However, supply remains low in comparison to current demand, both in Co. Limerick and across the Mid-West. Of the 47 residential homes available to rent in Co. Limerick, 18 were located within Limerick City & Environs. This is an increase of two homes on February’s availability for Limerick City.
While the YoY comparisons for March show similar price increases for Limerick City & Environs (c. €400 YoY), the supply levels for residential homes for March 2023 is c. half of its supply for the previous year (18 vs 35). While price remains high, it is also important to acknowledge the drastic changes in supply levels.
Supply in Co. Clare (33) and Co. Tipperary (22) fell slightly (-2 and -3 respectively), with both counties seeing a continued trend of falling residential supply since data collection begun in August 2022.
Average price for residential homes rental remained similar to February’s prices across the Mid-West, however prices continue to remain high both regionally and nationally. Co. Clare at €1,246 (+€47) saw the largest change in average price MoM, while Limerick City & Environs at €1,834 (+€2), Co. Limerick at €1,620 (-€22) and Co. Tipperary at €1,141 (-€1) saw smaller changes.
While it is encouraging to see an uplift in residential rental accommodation supply in Co. Limerick, supply within Limerick City & Environs remains low with just 18 homes available for March. There has also been a clear downward trend in the availability of apartments to rent within Limerick City & Environs on a monthly basis since data collection begun in February 2022. Furthermore, the number of one-bed homes has remained low over the course of the last year, with two available to rent in March.
says Limerick Chamber Economist Diarmuid O’Shea.
Looking at the Year-on-Year comparison for residential supply, it is evident that the rental market is worse off now than in the same time period last year. People entering the rental market will continue to feel the effect of rising prices and low supply. Between reports of smaller landlords leaving the market and hospitality under pressure for rooms coming into the summer, the rental market could face its biggest test in the coming months. The immediate implementation of cost rental across the region is of critical importance.
says Limerick Chief Economist Seán Golden.
VIEW THE MARCH MID-WEST RENTAL MONITOR
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