• 91 homes to rent across the whole three counties in the Mid-West in May 2023 (an increase of 1 home from April), with an average price of €1,435 – an increase of 8% on October’s figures.
• There is a stark difference between the number of homes available to rent in Limerick City and Suburbs for May 2023 versus May 2022. May 2022 saw 48 homes available while May 2023 saw 18 homes available – a decrease of 61%. During the same period, average prices increased from €1,600 in May 2022 to €1,931 in May 2023 – an increase of 21%. This would represent an additional annual spend for a new tenancy of almost €4,000.
• The whole of Co. Limerick saw the amount of homes available to rent increase to 44 in May 2023 – an increase of 2 homes from the previous month. Compared to August 2022, this represents a decrease of 17 homes (-29%). With average rent across the whole county now sitting at €1,650.
• Co. Clare saw a slight increase in the number of homes available in May 2023, growing to 23 homes – up by 2 homes from the previous month. Compared to August 2022, there has been a significant decrease in the number of homes available in Clare – decreasing from 57 (a decrease of 60%). During this time the average rental price increased by 19%, reaching €1,450 in May.
• Co. Tipperary has historically seen the lowest average cost for rental in the Mid-West. Compared to August 2022, the average cost of rental has decreased to €1,035 (a decrease of 7%). Meanwhile, the supply of rental properties dramatically decreased, from 55 in August 2022 to 24 in May 2023 – a decrease of 56%.
Commenting on the release, Seán Golden, Chief Economist and Director of Policy at Limerick Chamber said
There is a very clear downward trend of rental properties across the whole of the Mid-West since August of 2022. Thankfully, businesses are continually investing in and expanding their workforce across the Mid-West with over 1,000 jobs alone announced in the last several months. However, the lack of affordable rental accommodation is a significant threat. Drilling down into each county in the Mid-West paints a similar picture. The supply of rental accommodation across Limerick City, Co. Clare and Co. Tipperary has been decreasing since the end of last summer and current levels of supply are being outstripped by high demand. The Mid-West Rental Monitor is extremely important considering upcoming budget conversations. There needs to be a huge emphasis in the budget on the delivery of affordable rental options in the regions and increased accountability on those organisations responsible for delivering affordable housing. Businesses have huge ambition for the Mid-West and that needs to be matched by a political ambition to deliver housing options for employees
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